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Ste |
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Ste Not Work Safe
Joined: 01 Sep 2002 Karma :
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arry |
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arry Super Spammer
Joined: 03 Jan 2009 Karma :
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Posted: 14:14 - 21 Sep 2018 Post subject: |
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Ste wrote: |
It's all just from a big table of statistics of who cost them what, isn't it? |
Sort of yes, but not entirely.
It's supposed to have underwriting input so that if a statistical value comes out that breaks with common sense, the underwriter would tell the pricing geeks (who live in cupboards) why it is they're an absolute retard for suggesting it.
So for example, a while back in a previous company, one of our pricing geeks decided that anyone that insured their buildings with us was worth a loading because the incidence rate of subsidence claims was 99% higher with people that insured buildings than against those who didn't insure buildings Well who'd have thought it? An underwriter, me in this example, said don't be a dick and get back in your broom cupboard and that was the end of that.
Sometimes though, the geeks see matrix like numbers and the underwriters don't see the patterns and some stuff gets jiggled out of place. That can cause some gaps and nonsensical rating that leaves consumers thinking 'eh?!'.
There's also the issue that when you don't have any actual claims experience in the market you wish to go into, and you're making rating up on the fly at the start of it all - who's to say you get the right rating factors and who's to say your common sense approach is right. Then you get caught out by the frequency data and the pricing geeks take over because you've clearly not got a clue, have you....
There are loads of other factors in play but on the simple pile it high sell it cheap stuff, those are the main ones. |
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skatefreak |
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skatefreak World Chat Champion
Joined: 06 Feb 2010 Karma :
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LustyLew |
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LustyLew World Chat Champion
Joined: 19 Apr 2004 Karma :
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owl |
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owl World Chat Champion
Joined: 21 Oct 2016 Karma :
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Posted: 17:27 - 12 Oct 2018 Post subject: |
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any update ____________________ Observation is the greatest source of wisdom. |
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DJP |
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DJP Crazy Courier
Joined: 11 Dec 2011 Karma :
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Posted: 21:46 - 13 Oct 2018 Post subject: |
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Doesn't surprise me at all.
Aside from Adrian Flux, Lexham are the most chaotic insurers I've ever had the misfortune of dealing with.
Every piece of documentation they returned for signing was littered with (their) errors and they repeatedly threatened to charge me extra for correcting their mistakes.
I vowed never again and, fortunately, I never had to claim with them. They left me with no faith in them at all.
They're on my list of "Not at any price" insurers. ____________________ Suzuki Bandit 1250
https://deejayp999.atwebpages.com/index.html
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BusterGonads |
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BusterGonads Trackday Trickster
Joined: 18 May 2018 Karma :
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tittymcarsefa... |
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tittymcarsefa... Borekit Bruiser
Joined: 30 Sep 2018 Karma :
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Posted: 08:22 - 19 Oct 2018 Post subject: |
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Of course it is £100 cheaper without a lock declared, they can afford to drop the price on a policy they will NEVER pay out on.
Agree about adrian flux just I've re insured my robin with them a few days ago, they tried putting the price up for a second year running because of "insurance tax rise" went from £340 to £498 (big jump for a 2% tax rise) which i got down to £440 this year they tried asking £498 again ended up pay £448
I was told on the phone I wouldn't need to provide any additional documents, two days later I have a text saying my policy is at risk of being cancelled if i don't sign a mileage declaration. wtf? |
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DJP |
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DJP Crazy Courier
Joined: 11 Dec 2011 Karma :
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Posted: 13:54 - 19 Oct 2018 Post subject: |
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tittymcarseface wrote: | Of course it is £100 cheaper without a lock declared, they can afford to drop the price on a policy they will NEVER pay out on.
Agree about adrian flux just I've re insured my robin with them a few days ago, they tried putting the price up for a second year running because of "insurance tax rise" went from £340 to £498 (big jump for a 2% tax rise) which i got down to £440 this year they tried asking £498 again ended up pay £448
I was told on the phone I wouldn't need to provide any additional documents, two days later I have a text saying my policy is at risk of being cancelled if i don't sign a mileage declaration. wtf? |
Yep.
Adrian Flux are a PITA to deal with: Repeated requests for paperwork that's already been provided, often documentation that other companies don't even ask for, and accompanied by repeated threats of additional fees and/or cancellation.
I had to provide copies of the V5, my driving license, a DVLA access code, a photo of the dashboard showing the mileage etc etc. They even objected to the format in which my previous insurer provided proof of NCB.
And then, when their website finally declared the documentation complete, the person on the phone said it wasn't...
And then this year I took out bike insurance with BikeSure, without realising that they were part of the Flux group, and the sorry saga began again...
Lexham were much the same.
Which reminds me, BikeSure still haven't sent the insurance certificate three months later. ____________________ Suzuki Bandit 1250
https://deejayp999.atwebpages.com/index.html
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owl |
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owl World Chat Champion
Joined: 21 Oct 2016 Karma :
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Old Thread Alert!
The last post was made 5 years, 188 days ago. Instead of replying here, would creating a new thread be more useful? |
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