External Consumer Data and Information Sources (ECDIS)
Data and information sources used by insurers to supplement or replace traditional underwriting factors.
Definition
Data and information sources used by insurers to supplement or replace traditional underwriting factors, such as credit scores, social media habits, purchasing patterns, homeownership, educational achievements, court records, or other factors that lack a direct correlation to mortality, morbidity, or longevity.
Related Terms
External consumer data and information source (ECDIS)
Third-party consumer data sources used in insurance models....
Algorithms and Predictive Models
Systems that utilize external consumer data and information sources to inform various insurance practices....
Artificial Intelligence (AI) Systems
Advanced analytical and computational technologies simulating human intelligence for learning, problem-solving, and decision-making....
Insurance practice
Insurance activities covered by the statute....
Predictive model
A model that predicts outcomes for insurance decisions....