Profiling. Insurance market players calculate premiums by benchmarking client’s attributes against other clientele’s attributes and propensities for the eventuality of insured events. This provides insurance market participants to analyze and collect data of all concerned insureds, beneficiaries or claimants to model such propensities. Accordingly, such information may be used by MIB in order to match and ultimately create the models required, and subsequently used, to formulate the premium pricing. Special Categories of personal data and Criminal Records information may be used by MIB in such modelling process.
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Sources: Client Terms of Business, Client Terms of Business, Client Terms of Business