Insurance Department Alerts Consumers to Unlawful Practice of “Price Optimization” by Insurance Companies

first_img September 10, 2015 Insurance Department Alerts Consumers to Unlawful Practice of “Price Optimization” by Insurance Companies Government That Works, Press Release Harrisburg, PA – Governor Tom Wolf joined Insurance Commissioner Teresa Miller today in alerting consumers that the Insurance Department will continue to oppose a practice known in the industry as “price optimization”, in which sophisticated pricing tools are used to charge different premiums to policyholders who present essentially the same risk to the insurer, with the price differences based on whether or not a particular policyholder is likely to shop around for less expensive coverage.“My administration is working with Commissioner Miller to ensure that Pennsylvania consumers are protected from unlawful schemes like price optimization,” Governor Wolf said. “We will continue to promote these vital consumer protections laws across the Commonwealth.”So-called “price optimization” occurs when an insurer uses software and rating models to set insurance rates based in some way on how much a consumer or group of consumers may be willing to pay before they would shop around for a better price.“As part of Governor Wolf’s emphasis on consumer protection, I have notified insurers that I will not approve any such rates that violate state laws requiring all persons of the same class and the same hazard or risk to be charged the same premiums,” Commissioner Miller said. “In short, this practice takes advantage of a customer’s loyalty to a company.”State law dictates that the practice of charging different premiums to people who are statistically more likely to cost the insurer the same amount in claims and expenses is unfairly discriminatory. Commissioner Miller said that while the Insurance Department has not approved these premiums in the past, as part of Governor Wolf’s emphasis on transparency and consumer safety, her department is working hard to spread awareness about this prohibition statewide.Commissioner Miller recommends that customers, especially in the areas of homeowners and auto insurance, discuss premium increases with their agents. If the agent is not able to provide a satisfactory reason for any premium increase, consumers should shop around to see whether comparable coverage is available from another company at a better price. She noted that Pennsylvania has a competitive insurance market, with many options available to consumers. Any consumer who has questions about any aspect of insurance can contact the Insurance Department at www.insurance.pa.gov, or by calling 1-877-881-6388.# # #center_img SHARE Email Facebook Twitterlast_img read more

Women’s Basketball: Badgers take down Ball State before falling in Hoopfest championship game

first_imgThe Badgers’ women’s basketball team spent their Thanksgiving holiday in the Bahamas capital city of Nassau, playing the Ball State Cardinals in the semifinal on Friday and the Razorbacks of Arkansas in the championship round the next day. The Badgers took care of business in their first contest, but stumbled down the stretch in the championship, taking home second place out of four on Providence Island.Wisconsin (5-2) was the favorite against Ball State (4-3), but as has been the theme with Badger victories thus far in 2019, the game began as a close affair. The Cardinals successfully answered Badger baskets with tempo and consistency. Ball State would take a lead to end the first quarter with a 15–13 advantage that showed every sign that the Cardinals could hang around with Wisconsin.Women’s Basketball: Badgers primed for breakout seasonAfter taking over during 2016-2017, University of Wisconsin-Madison women’s basketball Head Coach Jonathan Tsipis had a lot of work on Read…As the game progressed, the Badgers began to find their rhythm from the painted area and the free throw line. Three Badgers would make all of their shots from the charity stripe, and the team shot a decent 40% from the field in the first half. Regardless, Ball State came to play and continued to press Wisconsin into errant shots from deep and costly turnovers. Friday’s game saw 13 Badger giveaways.Wisconsin, which lead 29–27 at the break, opened the second half on a scoring run but the Cardinals refused to go away, keeping the game spread under ten points throughout the third quarter. The Badgers began to pull away only after wearing down the Cardinal forwards, and used rebounding dominance — 47 boards went to the Badgers compared to just 33 for Ball State — to win despite poor shooting from the field in the final period. Women’s Basketball: Badgers battle to victory against Eastern IllinoisThe University of Wisconsin women’s basketball team (4-1) earned their fourth win of the year but had to fight for Read…The 67–56 victory over Ball State propelled the Badgers into their first ranked opponent, the Arkansas Razorbacks, in the finals of the Bahamas Hoopfest. On short rest and against fiercer competition, Wisconsin surprised by jumping to an early lead, holding an advantage as large as 10–0 straight from the tip.Wisconsin appeared to control the game throughout the opening half, and led the Razorbacks in almost every statistical category. The Badgers held a two point lead at the break after Arkansas made multiple attempts to seize momentum. The only thing going against Wisconsin in the Hoopfest finale was the scoreboard, as the Badgers had dominated the opening half but failed to show it by converting it into a consistent second half lead.The Badgers continued to play better than the Razorbacks throughout the third period, and again opened up a lead that appeared to be enough to seal the win. However, the shots started falling in a big way for the Razorbacks in the final quarter, and they roared back behind standout Chelsea Dungee’s 27 point outing to claim their first lead of the game.Women’s Basketball: Wisconsin falls to Colorado, earns bounce-back win at home vs. UW-MilwaukeeThe Wisconsin women’s basketball team (3-1) was on the road for the first time this season on Thursday, tasked with Read…The Badgers had strong performances from Abby Laszewski — posting a 19 point, 10 rebound double double — and Imani Lewis, who had 14 points and seven rebounds, all of which contributed to Wisconsin’s early leads. Unfortunately for the Badgers, the Razorbacks never looked back after surpassing the Badgers in the fourth and made key free throws down the stretch to win 68–64.Wisconsin’s second loss of the year was far more tolerable than their earlier road defeat to Colorado. The Badgers played like the better team for most of the night, and failed only to close out the victory. The Badgers will remain away from Madison as they prepare to take on the Georgia Tech Yellow Jackets on Thursday, Dec. 5 in the ACC/BigTen Challenge. Tip-off is at 6 p.m.last_img read more