Reliance on mathematical models to project possibility of future claims seems to be very fascinating idea, but there are lots of relative subjective factors that cannot be quantified.
Cicero, Illinois (PRWEB) November 10, 2012
A patent by Safeco Insurance Company was filed earlier last month in the United States Patent and Trademark Office, linking politics with insurance. The patent is about a system, program product and method for segmenting and underwriting using voting status. Based on data analyses of present policy holders files, studies demonstrated significant correlation between higher frequency of voting and lower likelihood of filing insurance claims!
"We are not surprised with the results of these analyses and the statistical correlation found," said Edward Snenneh, owner of Insurance Navy, a leader in the personal and commercial insurance services in Chicago Illinois. "Claims and sense of financial responsibility are related. This financial sense of responsibility is parallel to other senses of responsibility, such as political, social, religious, and environmental responsibility," Mr. Snenneh added.
The model that Safeco patented identified six factors that will influence the probability of future insurance claims. Those include: Voter registration, recent voting, voting frequency, type of election -general, primary, or special; turnout for the election, and voting method. From these factors that are public records, the model will provide some indications about the possibility that a person applying for insurance will make a claim.
"I am sure that we can build more mathematical models from public and private data (that can be released with insured's consent); models that can predict future claim frequency based on responsibility-related parameters such as charitable donation, human and animal rights activities, criminal or anti social conduct, attending religious services, etc." Snenneh said. "Reliance on mathematical models to project possibility of future claims seems to be very fascinating idea, but there are lots of relative subjective factors that cannot be quantified." For many reasons, many people think that these models are discriminatory in nature.
About Insurance Navy
Insurance Navy agency is one of the key providers of Illinois auto insurance, truck insurance insurance, and car dealers insurance in Chicago. The agency serves its clients through several insurance offices in the Chicago area.
Address: 5116 West Cermak Road, Cicero, IL 60804
Phone: (708) 863-9000