Loading...
Reload document 
Open in new tab Auto insurers are adopting analytical tools to assess and enhance the fairness of their business practices in response to regulatory scrutiny. Products like FairCheck from Verisk, Infer from Octagram Analytics, and Fairness Optimizer from FairPlay, along with consulting services from firms like Pinnacle Actuarial Resources, are helping insurers navigate pricing, underwriting, and claims practices. The push for fairness stems from the 2021 Colorado law, Senate Bill 169, aiming to prevent unfair discrimination in the use of external consumer data and algorithms. Robert Hartwig, Director of the University of South Carolina Center for Risk and Uncertainty Management, notes that while insurers face challenges, the state’s insurance department historically considers underlying data in rate adjustments.