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  • CEO credit scoring discussion highlights complexity of issue
        © Thompson’s World Insurance News 2009. No reproduction without written consent.
        The credit scoring issue is not one that can simply be dismissed without a lot more consideration, Aviva Canada’s ceo warned during a panel discussion at the Insurance Brokers Association of Ontario’s 89th annual convention.
        “You can just say it’s evil, or that consumers don’t like it so let’s be rid of it,” Robin Spencer told delegates.
        “It’s just not that simple.”
        He was responding to a question about credit scoring put to the ceo panel by moderator and business journalist Deirdre McMurdy.
        He was joined by AXA Canada’s Jean-Francois Blais, Dominion of Canada’s George Cooke, Gore Mutual’s Kevin McNeil, and Charles Brindamour of Intact Insurance.
         “Looking at it from a broker’s perspective Aviva believes that we want to win with brokers in the long term.
        Mr. Spencer said that the banks already have the information that insurers are barred from using and this puts brokers at a disadvantage until legislation is changed to either bar banks from accessing credit scores or allow everyone to use them.
        Gore’s Mr. McNeil said there are enough actuarially sound variables available to insurers that the use of credit scoring is unnecessary.
        “We managed to turn a profit without using it in the past I’m sure we can continue to do so in the future.
        More in our November 2 edition
        
     



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