Global data analytics and technology provider, Verisk, introduces FairCheck, a comprehensive solution aimed at helping insurers assess their personal lines models and variables to meet regulatory changes. .
FairCheck offers a customizable and scalable methodology along with consultative services to evaluate and minimize the potential for unfair discriminatory outcomes, especially in anticipation of regulatory filings, Verisk said.
Adrian Cuc, Senior Vice President of Analytics at Verisk, emphasized the proactive nature of the initiative, citing Verisk’s own analysis of the personal car rating model to determine the fairness of price differences related to in the race.
The analysis forms the basis of FairCheck, which allows insurers to assess their models, variables, and geographical regions for potential unintended bias.
Verisk, equipped with one of the largest insurance databases, has developed a robust method to assess the role of race in personal lines pricing models.
The results, detailed in the white paper “Assessing for Unfair Discrimination with Respect to Race in a Personal Rating Model,” were reviewed by the Maguire Academy of Insurance and Risk Management at Saint Joseph’s University, lending credibility to Verisk’s approach.
Michael Angelina, Executive in Residence at the Maguire Academy of Insurance and Risk Management, recognized Verisk’s thoughtful process and leading role in equity in the insurance initiative, emphasizing the importance of a proper and robust approach.
With a team of experts in government relations, actuarial science, data science, and analytics, Verisk is poised to support unbiased underwriting and rating outcomes, benefiting insurers, regulators, and consumers. .
Neil Spector, President of Underwriting Solutions at Verisk, highlighted the company’s commitment to adapting and responding to the changing insurance regulatory landscape with their extensive data and compliance services.