Responding to an Evolving Regulatory Landscape
Regulatory requirements are designed to protect consumers while ensuring that insurance pricing is appropriately aligned with risk.
As the use of predictive models and similar automated tools increases, coupled with a heightened focus on diversity, equity, and inclusion, historical practices designed to safeguard against unfairly discriminatory outcomes may not be sufficient.
As a leading strategic data analytics and technology partner, Verisk has developed a solution designed to help insurers test their personal lines models and variables to respond to current and future regulations. FairCheck comprises a customizable, scalable methodology and consultative service to help assess and mitigate the potential for unfairly discriminatory outcomes, including in advance of regulatory filings.
With its proven methodology and team of experts in government relations, actuarial science, data science and analytics, Verisk is equipped to help support impartial underwriting outcomes that can benefit insurers, regulators and consumers alike.
Verisk’s FairCheck can help insurers: