MSE Compare

Threesheds

I was using MSE compare to get a Car Insurance quote for Mum. I looked up the job finder and found Nurse or Staff Nurse more expensive than SRN or SEN on the list.
Apparently these titles no longer exist ?
RGN, RMN or RSCN are not on the list.
The weird world of algorithms.

Ms_Chocaholic

What about health worker?

DullGreyGuy

Threesheds said:

I was using MSE compare to get a Car Insurance quote for Mum. I looked up the job finder and found Nurse or Staff Nurse more expensive than SRN or SEN on the list.
Apparently these titles no longer exist ?
RGN, RMN or RSCN are not on the list.
The weird world of algorithms.

That depends what you believe the acronyms are for... SEN to me would be Special Educational Needs so associated with teaching not nursing. 

More the weird world of statistical analysis but thankfully most stop at the correlations that the data shows rather than wondering why people who call themselves a Administrative Assistant have a worse claims experience than someone who calls themselves an Assistant Administrator 

Threesheds

Original search was 'Nurse' so I would assume, State Enrolled Nurse.
Health Worker was not on the list. Though Nursing Auxiliary was, another extinct title.
Indeed, how can a job title make any real difference ?

Bigphil1474

It's the 'risk' profile attached to the job title that makes the difference, presumably made up by some bean counter. As long as you choose wisely, and accurately, I doubt it will make a huge difference. My job title never exists, favourite alternative seems to be towards the cheaper end, compared to some.

MyRealNameToo

Threesheds said:

Indeed, how can a job title make any real difference ?

Thats not how insurance is priced... most large insurers have millions of customers per year with many years of history. This allows them to do statistical analysis of the average claims experience (frequency x value) by any given metric so do people with red cars have worse claims records than people with beige cars? Likewise 18 year olds or 45 year olds? SRN or Staff Nurse?

Generally there is no requirement to consider the "why", this is generally only needed when you want to introduce a new rating factor that you've never captured before and so have no data to price on. In some cases you may start capturing it before rating on it or only put a small rating factor in based on your assumptions. An insurer did this with credit score for example, slightly increasing the cost of those with a very poor credit score on the thinking they are going to be more exposed to making up a claim etc... run that for a year, see what the correlations are really like and adjust the pricing to reflect the reality rather than the theory. 

born_again

MyRealNameToo said:

Threesheds said:

Indeed, how can a job title make any real difference ?

Thats not how insurance is priced... most large insurers have millions of customers per year with many years of history. This allows them to do statistical analysis of the average claims experience (frequency x value) by any given metric so do people with red cars have worse claims records than people with beige cars? Likewise 18 year olds or 45 year olds? SRN or Staff Nurse?

Generally there is no requirement to consider the "why", this is generally only needed when you want to introduce a new rating factor that you've never captured before and so have no data to price on. In some cases you may start capturing it before rating on it or only put a small rating factor in based on your assumptions. An insurer did this with credit score for example, slightly increasing the cost of those with a very poor credit score on the thinking they are going to be more exposed to making up a claim etc... run that for a year, see what the correlations are really like and adjust the pricing to reflect the reality rather than the theory. 

Except credit score is a made up figure by the CRA that is not shared. They may get to see credit history, which is totally different. @DullGreyGuy might know if they do.

Goudy

Threesheds said:

Original search was 'Nurse' so I would assume, State Enrolled Nurse.
Health Worker was not on the list. Though Nursing Auxiliary was, another extinct title.
Indeed, how can a job title make any real difference ?

It depends on what job.

Nurses can work nights and leave their cars in dodgy hospital car parks overnight.
They also tend to work longer shifts, perhaps driving more often in the dark to and from work.
This all influences the risk analysis to some degree.

It's not hard to think of the reasons why a landlord, bar staff or even chef might have a higher risk profile than say an administrator or an accounts manager.

Then there will be insurance companies that might be starting to get over exposed to various risks.
They will often quote silly prices for those with cars, addresses, previous claim history and jobs they no longer want to insure.

I'm not saying this is all fair, but life generally isn't.
I'd hate to share the same job risk factor as Pete Townsend or Shaun Rider just because I shake a maraca for the Philharmonic and I'm down as a musician.



 

Threesheds

I'm not saying this is all fair, but life generally isn't.
I'd hate to share the same job risk factor as Pete Townsend or Shaun Rider just because I shake a maraca for the Philharmonic and I'm down as a musician.  😂

It's odd that very similar Nursing jobs can come up with different ratings, I think upto, 15% on the job finder list.
Not sure when SRN/SEN titles became obsolete, but it is possible that they where defunct before the MSE compare list was compiled. ? 🤔