Verisk and Equifax codevelop insurance scoring solution
Verisk and Equifax have entered into a strategic agreement to jointly develop the Inflection Insurance Score. Inflection is a new credit-based scoring solution that combines the “robust credit data of Equifax with the insurance expertise and analytics of Verisk” to help personal auto and property insurers enhance underwriting and improve growth and profitability.
Inflection will provide insurers with a balanced framework in which to evaluate consumers, based on two years of trended credit data. The score will supplement traditional point-in-time snapshots, helping insurers gain a more dynamic picture of risk levels and quickly develop more precise quotes for increased profitability and customer satisfaction. The Inflection Insurance Score will be available to insurers from both Equifax and Verisk.
“Credit-based insurance scores can provide valuable insight into policyholder risk. But these scores must be based on powerful data analytics and delivered quickly to meet the needs of insurers today. The Inflection Insurance Score will leverage comprehensive credit data and advanced predictive modeling, enabling insurers to evaluate and price risk with greater speed and precision.” – Rod Bazzani, general manager of insurance solutions at Equifax.
“Evaluating risk and uncovering growth opportunities are increasing challenges for insurers in today’s highly competitive marketplace. Inflection presents a way for insurers to take their underwriting to the next level, with a solution that can help improve risk segmentation, pricing, and the customer experience across the policy life cycle.” – Doug Caccese, president of personal lines for ISO, a Verisk business.