The Science of Insurance
My car insurance is due to be renewed soon, so I've been ringing around to get quotes. With every company I've tried, I've given them the same information, and I want the same product. Now, those of my chums who work in financey companies assure me that there's lots of Science and Reasoning behind how they calculate all their stuff, and you would have thought that insurance, being a huge part of the financial industry, would be just as sciencey.
Well, no. If it was sciencey, then for the same inputs (things like what car I drive, what accidents I've had and when, how old I am, where I live etc) then the outputs would be the same. Except that, for identical policies, I've had quotes ranging from £900 to £1,650.
There is quite obviously no science and no rational calculations behind insurance quotes, they're just making shit up.