Instant Insights / The Business of Insurance

What's happening in insurance today? From market changes and M&A activity to new coverages, the insurance industry is ever-evolving. To stay up-to-date on the business, these articles, which are updated regularly, will help insurance professionals maintain a competitive edge.

News

Root Insurance vows to remove credit factors from policy ratings

The company hopes its announcement will inspire other insurers to fight discrimination, bias, and systemic inequity in auto insurance.

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Root Insurance has pledged to remove credit scores from its pricing model to build a fairer system. (Photo: Root Insurance)

The use of non-driving factors in calculating auto insurance premiums has stirred a lot of controversy amongst consumers who find the practice to be unjust and industry leaders who argue its necessity.

Now, one insurer is breaking from the status quo — Root Insurance recently announced that it will eliminate credit scores as a factor in its car insurance pricing model by 2025.

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Heather A. Turner

Heather A. Turner is the managing editor of ALM's NU Property & Casualty Group. She can be reached at [email protected].

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