What is an insurance score?
An insurance score is a number or rating derived from an algorithm, computer application, model or other process and that is based in whole or in part on credit history.
Why does Wawanesa use insurance scores?
Studies have shown that an insurance score provides a good indication of possible future losses. An insurance score can help insurers gauge the financial risk that you present to the company. Therefore, Wawanesa uses insurance scores to assist in accurately rating policies.
How does Wawanesa use insurance scores?
Wawanesa obtains insurance scores from a leading third party consumer reporting agency, LexisNexis. Wawanesa uses your insurance score together with a number of other factors to determine the appropriate pricing available to you. Your insurance score will not affect your eligibility for insurance. Wawanesa will not cancel or non-renew a policy based in whole or in part on an insurance score.
What kinds of credit information is used by Wawanesa?
Insurance scores are derived from information from credit reports. Information used from a credit report to derive an insurance score may include the number of accounts you have open, the length of time your accounts have been open, whether or not you pay your bills on time, your payment history, and whether or not you have filed for bankruptcy, or been subject to any foreclosures, lawsuits, liens or judgments. Factors such as gender, race, nationality or marital status are not considered in an insurance score.
How does the lack of credit history affect Wawanesa’s consideration of an application?
Lack of credit history will not affect our consideration of an application.
Should you have questions regarding the accuracy and/or completeness of the insurance score obtained by Wawanesa, you may contact LexisNexis at LexisNexis Consumer Center, P.O. Box 10518, Atlanta, GA 30348-5108 or by calling 1-800-456-6004.
Should you have any other questions regarding Wawanesa’s use of insurance scores, or your specific policy, you may contact Wawanesa at 1-800-438-4300.