IAG installed an algorithm that deliberately inflated premium calculations for customers perceived as more likely to stay with the insurance giant, a new regulatory lawsuit alleges.
Customers predicted to be more likely to switch elsewhere had lower calculations, the Australian Securities and Investments Commission claimed in a Federal Court action unveiled on Friday.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
