Rating factor are those factors which have direct impact on out go of insurers.
The three most important objectives of pricing relate to Premium adequacy, Fairness & Simplicity; Consistency & Flexibility.
The lack of compliance with global NCAP norms for Auto Crash Test is contributing to loss of life and increasing number of total loss claims to be borne by insurers.
The "credit scores" used by the auto insurance industries are actually "insurance risk scores." Both scores are based on information contained in insureds full credit report, but they put weight on different factors in order to calculate a final score.
Most Auto insurers useinsurance scores to place the insured in a rate class (like preferred, standard or high-risk) and set a price for him within that class.
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