External consumer data and information source (ECDIS)
Third-party consumer data sources used in insurance models.
Definitions (2)
A broad, illustrative category of data sources outside traditional insurer-held data that may be used with algorithms or predictive models, including credit scores, social media activity, geolocation, purchasing habits, home ownership, education, occupation, licensures, court records, and similar third-party data. ECDIS is the statutory term for such external inputs that insurers must identify, explain, and manage under the law.
ECDIS includes any data or information source used by an insurer to complement traditional underwriting or other insurance practices, or to establish lifestyle indicators. Examples include credit scores, social media habits, purchasing habits, and educational attainment.
Related Terms
External Consumer Data and Information Sources (ECDIS)
Data and information sources used by insurers to supplement or replace traditional underwriting factors....
Algorithms and Predictive Models
Systems that utilize external consumer data and information sources to inform various insurance practices....
Predictive model
A model that predicts outcomes for insurance decisions....
Insurance practice
Insurance activities covered by the statute....
Consumer Report
Information used for credit, employment, or insurance eligibility....