Consumers will soon be able to see their financial health improve or decline in real time, as the UK’s credit referencing firms plan to delve into the personal bank accounts of their users. Credit scoring agencies already have access to information about the financial products people have applied for, such as credit cards and mortgages. However, this data is lagged, meaning that it can sometimes take days or weeks for this to appear on a credit file. Also, while the number of accounts held by an individual is apparent, the amount of money held in those accounts is not currently recorded. Now ClearScore, a credit referencing service, plans to use live current account data to give users a more accurate picture of their financial wellbeing, tracking current spending and behaviour. The firm plans to tap into new “Open Banking” rules, which allow customers to share their current account data with trusted third parties. ClearScore also wants to integrate insurance and … [Read more...] about Credit agencies want to delve deeper into finances than ever before
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Central Insurance Companies Bolsters Underwriting Analytics in Workers’ Compensation
DENVER--(BUSINESS WIRE)--Apr 24, 2018--Valen Analytics ®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that the Central Insurance Companies (Central) will utilize Valen’s InsureRight® Platform for workers’ compensation to more accurately understand the health of its book of business and offer underwriters new information for writing risk. Central is a leading property and casualty insurer with more than a billion dollars in assets and an A.M. Best “A” Rating.Central will utilize both the Predict and Manage applications of the InsureRight Platform.Predict empowers underwriters to make more informed decisions on risk selection and pricing, by generating actionable insights at the point of decision, significantly reducing time-to-quote on new and renewal policies.Manage is a portfolio management analytics tool that uses real-time, leading performance indicators to create visual … [Read more...] about Central Insurance Companies Bolsters Underwriting Analytics in Workers’ Compensation
Nashville commercial insurance agency expands with Chattanooga office
A 16-year-old Nashville commercial insurance agency has opened an office in Chattanooga — its first outside of Middle Tennessee. Commercial Insurance Associates (CIA), an independent insurance agency that offers property and casualty insurance through 134 insurance companies or facilities to nearly 1,400 business clients across the county, marked the opening of its new office at 1210 Premier Drive, Suite 208, on Thursday with a ribbon cutting ceremony. The Commercial Insurance Associates logo is seen on the door of the company's new offices on Thursday, April 12, 2018, in Chattanooga, Tenn. The Commercial Insurance Associates logo is seen on... Photo by Doug Strickland /Times Free Press. Commercial Insurance Associates' new offices are seen on Thursday, April 12, 2018, in Chattanooga, Tenn. Commercial Insurance Associates' new offices are seen on... Photo by Doug Strickland /Times Free Press. "I think Chattanooga's strategic … [Read more...] about Nashville commercial insurance agency expands with Chattanooga office
Wells Fargo reportedly facing huge fine for mortgage lending and auto insurance problems
The Consumer Financial Protection Bureau is considering fining Wells Fargo & Co. hundreds of millions of dollars for its mortgage-lending and auto-insurance abuses — following up on a threat by President Trump to take aggressive action against the bank.The agency is in talks with the San Francisco bank over penalties for the problems, Reuters reported Monday, citing two unnamed people with knowledge of the discussions. CFPB acting Director Mick Mulvaney is pushing for fines as large as $1 billion, Reuters said.A CFPB spokesman did not immediately respond to a request for comment. A Wells Fargo spokeswoman declined to comment.Mulvaney, the White House budget chief, has been critical of how aggressively the independent agency was run under the Obama administration.But the large fines would align with Trump’s public vow in December that Wells Fargo would face stiff penalties for charging fees to certain homebuyers to secure low mortgage rates. Trump said on Twitter that … [Read more...] about Wells Fargo reportedly facing huge fine for mortgage lending and auto insurance problems
Dow dives 600 points as China puts tariffs on US goods
NEW YORK (AP) — U.S. stocks are tumbling Monday after China officially raised import duties on U.S. pork, apples and other products. It's a fairly small move but investors are worried it could be step toward a trade war that harms global commerce and company profits.Meat producer Tyson Foods is among the biggest losers on Wall Street. Investors are also dumping some of their recent favorites, including technology companies like Microsoft, and Amazon, the target of numerous critical tweets from President Donald Trump over the last few days.KEEPING SCORE: The Standard & Poor's 500 index skidded 71 points, or 2.7 percent, to 2,569 as of 1:36 p.m. Eastern time. The Dow Jones industrial average lost 623 points, or 2.6 percent, to 23,480. The Nasdaq composite slumped 212 points, or 3 percent, to 6,850. The Russell 2000 index of smaller-company stocks fell 34 points, or 2.3 percent, to 1,494.U.S. markets were closed Friday for the Good Friday holiday. The benchmark index lost 1.2 … [Read more...] about Dow dives 600 points as China puts tariffs on US goods