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FICO® Scoring Solutions for Insurance summarize large amounts of credit detail for a consistent, objective and accurate evaluation of risk for new and renewal business. Scoring Solutions enable insurers to make more accurate, timely underwriting and pricing decisions.
FICO® Insurance Scores are snapshots of consumers’ insurance risk based on an objective, statistical analysis of credit report information identifying the relative likelihood of an insurance loss, based on the actual loss experience of individuals with similar credit management patterns.
Consistent, objective and accurate evaluation.
Most accurate data
Data at credit reporting agencies is one of the most accurate sets of consumer data available. Based on US studies, the error rate in credit reports is considerably lower than the error rate found in individual state motor vehicle reports.
Fair to all
Scoring Solutions offer a risk segmentation tool based only on statically-proven consumer credit data. Scores do not consider the person’s income, age, marital status, gender, race, ethnic group, religion, nationality or location.
Consumers have control
Individuals with low credit-based insurance scores can improve their scores over time through better credit management habits, such as paying credit obligations on time as agreed.
FICO® Scoring Solutions for Insurance give property and casualty underwriters an instant risk-assessment of prospects, applicants and policyholders based on a consumer’s credit reporting agency data.
Gain an added perspective on risk with credit data and FICO modeling.
The first statistically developed risk score based exclusively on residential property inspection information.