Pacific NW CPCU Society Chapter March Ethics Discussion Part 2!

Current insurance rating includes a credit rating factor. There is discussion in the industry if this, although legal practice, meets today's ethical standards as there are many other big data and analytical options for determining risk factors outside of a credit score. 

This debate between Peter Marchel and James Jones will certainly not solve these questions but will provide us with a sure to be entertaining deeper dive into this timely topic. 

Washington State Insurance Commissioner, Mike Kreidler asked the WA State Legislature in January 2021 to ban the use of credit scores in insurance rating. 

Invited: Any Pacific Northwest CPCU Society Chapter Member, Candidate Member, and any Friend of the Pacific Northwest CPCU Society Chapter. 

When: Wednesday, March 24th, 11:50 am - 1 pm PST

Where: Zoom 

What: Debate on whether current standard of rating is still ethical in a world of big data and artificial intelligence

Summary: The proliferation of big data and the use of artificial intelligence permits insurers to discover and apply new relationships between data variables and risk similar to the use of credit in rating insurance. Data such as online shopping behavior, social media activity, online searches, and numerous other factors may be linked to risk. Two opposing views on this will debate the ethics of whether traditional legal and ethical standards are sufficient to deal with these new potential ways of rating risk.

WA OIC CE Credits 1 hr Course Number 626449 ( please note: at this time, this is a regular credit, not ethics credit)

CE for CPCU Credits 1 Hr

Our Debaters....

James Jones, CPCU, Executive Director Center for Risk Management, Insurance, and Financial Services

Peter Marchel, JD, CPCU, President, Marchel Risk Consulting LLC

James Jones administers all aspects of Katie Center for Insurance and Financial Services with overarching goal of being liaison between the insurance industry and students and faculty at Illinois State University. This role includes working directly with the Dean of the College of Business (COB), industry executives, department chairs, Katie School staff, faculty from the College of Business especially risk management and insurance faculty, and faculty from the College of Arts and Science especially actuarial science, economics, and communication department faculty.

Peter Marchel is the President and Founder of Marchel Risk consulting LLC dba Marchel & Associates Risk Consulting. Marchel & Associates Risk Consulting assists financial institutions, publicly traded companies and high profile non-profits to identify and mitigate their risk. Some of the services offered: Enterprise risk review and consulting; Insurance policy review, analysis and placement; and Insurance management issues such as policy enforcement, claims advisory and advocacy. Peter consults with clients and their counsel on complex claims, as well as assistance with policy language, policy placement, cyber incident response plans and development of financial risk solutions. 

Watch for additional South Sound, New Member, & other Good Works events!  South Sound Events will be scheduled in February/March and Sept/November. 

Want to get involved? There are plenty of volunteer opportunities available. Commitments range from a few hours a month to a few hours a year. Email pacificnorthwestchapter@cpcusociety.org and tell us what you would like to do!