Auto insurance companies may face a revenue reduction of $15 following a rating error

According to an error report published by Quality Planning, an estimated $15.4 billion in revenue was missed by the private passenger auto insurance industry in 2010 as a result of misinformation with policyholders. Quality Planning is an organization that provides data validation of policyholders for auto insurance companies. It produces its premium rating error report on an annual basis, quantifying the discrepancies and errors that can lead to the undercharging of policyholders by their auto insurance companies. Highlights of the report include the following: • When compared with 2008, the…

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