Is The Technology You Use Improving Your Credit Rating?
Innovation is almost always considered in a positive light. What could be more revolutionary than anytime money? The advent of cash dispensers, now known as ATMs, made it possible for people to access cash even out of banking hours, and at the time, the convenience of it was astounding. Banks themselves reaped dividends through a lowering of costs. As communication networks improved coupled with faster payment processes, the insurance industry too hopped on to the innovation boom. One that made a big impression was the drastic reduction of processing time for insurance claims, as it moved online. Innovation is coming at us fast, in every aspect of our lives. The U.S. Credit Rating Agencies and Insurer innovation Crediting rating agencies sat up and took a long, hard look at the impact of innovation on the long-term financial success of insurance companies. AM Best, the world’s first and also the largest credit rating agency, had indirectly included innovation through ...