Re: Makes sense to whom? Makes sense to me, for one. - Saab General Bulletin Board - Saabnet.com
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Re: Makes sense to whom? Makes sense to me, for one.
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Posted by Bill Homer [Email] (more from Bill Homer) on Fri, 17 Jun 2011 12:04:08 Share Post by Email
In Reply to: Makes sense to whom?, Noel, Fri, 17 Jun 2011 10:34:52
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I'm with "vvk" on this one: an insurance company does what makes sense to them, and it's all about maximizing their profitability, not providing an altruistic service.

What group do you think contains the majority of drivers for modified, fart-can-exhaust, big-front-mounted-intercooler, repainted-electric-blue-metal-flake, vertical-swing-door cars? Might this same group have a higher incidence of claims on their policy as shown by actual loss data owned by the insurance company? In stereotypical "living up to expectations", I recently saw the crumpled wreck of one of these cars (a modified Honda Civic) piled into a brick building at the end of a two block long strip in an industrial area near my house - I can't imagine that the driver might have been street racing, no?

Insurance is all about number crunching. In a previous job, we complied data for insurance companies based on driver's credit reports (one of two legal uses of credit reports). The idea was to find lower-risk drivers (directly correlated to credit records in many, many statistical studies) and attract them as policy holders: maximize signup by offering lower rates, minimize payout by having a lower risk pool of drivers.

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