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re: Ethical Dilemma in business
Posted on 10/14/16 at 2:40 pm to gobuxgo5
Posted on 10/14/16 at 2:40 pm to gobuxgo5
quote:
Ok and at one point race factors were approved as well
Your implication is that insurance companies are actively trying to make racist decisions. What they are actually doing is trying to make money. If they found out that having high credit scores increased your risk, they would start charging high CS more.
Source: I am a minority who makes rates for insurance companies. I've seen multiple seminars on insurance rate decisions based on credit scores. Zero mentions of race, frick ton of mentions about link between credit score and losses
This post was edited on 10/14/16 at 4:05 pm
1
Posted on 10/14/16 at 10:30 pm to GenesChin
I never said that at all. But race statistics were used on actual claim evidence forty years ago which wasn't "racist" ...just data. When they couldn't use that data then went to credit scores which mirrored the data they couldn't use Which was stating minorities had a higher risk than whites.
This post was edited on 10/14/16 at 10:34 pm
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