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Evaluating risk and calculating your price

Sofia Alvebro
11 september 2019
Sofia Alvebro

One of the main jobs of an insurance company is to constantly evaluate risk and ensure that we price our service relative to the risk we take on for each member.

Different factors play into how much your insurance costs – bigger apartments cost more to cover, having younger people is statistically riskier in terms of accidents and so on.

One factor that we haven’t included in our sign up process until now is looking at a person’s credit history. But over the past year or so since we launched we see more and more that this plays a big role in the risk we take on. So as of today we’re including a routine credit check as part of our onboarding process.

What does that mean to you?

Most likely nothing. It’s done instantly and you’ll just proceed through our regular onboarding.

But if you are in that small percentage of people that has a poor credit score we might have to offer you a higher monthly premium. We will give these people a personal phone call to help explain the situation and discuss the next steps. We will never deny anyone insurance because of a bad credit history but we do need to take it into account.

At Hedvig transparency is extremely important to us. It’s key to the trust you give us for your safety and therefore it’s important that when we make changes like this we’re open and honest about it. If you have any questions never hesitate to drop us a line in our chat.

Lots of love,
Hedvig

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