2022 Webinar - Understanding Potential Racial Bias in Insurance and Lessons from Financial Services - February 17
Property & Casualty rating factors have recently come under intense scrutiny by consumer advocates and regulators, alike. This is part of a broader focus in the United States on the potential impacts of societal systemic bias across many industries. Understanding the sources of these concerns and how other financial services sectors have attempted to identify and address racial bias may provide a foundation for the insurance industry to move forward.
This session will provide an overview of two new research briefs commissioned as part of the Casualty Actuarial Society's Approach to Race and Insurance Pricing:
- Understanding Potential Influences of Racial Bias on P&C Insurance: Four Rating Factors Explored
- Approaches to Address Racial Bias in Financial Services: Lessons for the Insurance Industry
- Examine public concerns regarding the relationship between select P&C rating factors and historical events practices
- Explore solutions to address racial bias implemented in the financial services sector.
- Discuss the applicability of such approaches to in insurance pricing and related practices.
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