While InsurTechs like Loop and Buckle are trying to reshape the future of insurance without using credit scores to underwrite or price policies, the rest of the industry has yet to embrace the change.

“Several insurers have begun to use telematics in their pricing decisions, but they still rely on proxies like credit history and employment status that appear to correlate with driver risks but can unfairly penalize someone who is actually a great driver,” notes Ed Arovas, Loop’s head of insurance and a former president and chief operating officer at commercial auto insurer Amalgamated Casualty Insurance Company.