![]() In September, Britain’s markets watchdog dropped plans for a formal market review of whether Big Data might make it harder or more expensive for some customers to buy car and home insurance, saying there was no evidence of that so far.īut in Germany, with its strong stance on data vigilance and privacy rights, consumer advocates are more reserved. While some insurers won’t penalise customers for joining data programmes, bad performers in others - those who drive more like a “boy racer” in the British telematics programme, for example - will face rate hikes.Īnd as data-sharing programmes become more ubiquitous, some groups worry that those who are unwilling or unable to make improvements in personal circumstances will ultimately lose out. insurer says.īut big data and artificial intelligence do not simply serve to identify ‘best users’. Rates will never be raised - only reduced or maintained - based on the data, the U.S. “The focus of Drivewise is to give you feedback that can only help your driving and your rates,” Allstate says of the programme. Insurers like Allstate and Britain’s Drive Like a Girl offer discounts to motorists who exhibit safe driving behaviour after installing a ‘telematics’ tracking device -which collects data on speed, abruptness of braking and time and frequency of use - in their cars. It then establishes a personalised health improvement plan, tracking users’ progress via purchases and wearable devices.Ĭustomers gain rewards for making healthier choices, from premium reductions to cash back on health food and discounts on travel bookings. The Vitality health and life insurance programme assesses a customer’s overall health based on factors from age and blood pressure to diet, exercise and self-assessed happiness levels. Programmes such as Discovery’s Vitality and Allstate’s Drivewise are already putting these policies into practice. “Undoubtedly, it will lead to a different interaction between insurer and policyholders.”īy highlighting “safe behaviours”, insurers believe they can reduce claims by helping clients to lead healthier, safer lives. “In a relatively short period of time, maybe a few years, most of the major insurers will have integrated lessons from behavioural research,” Swiss Re’s head of digital analytics catalysts, Daniel Ryan, told Reuters. ![]() Social media monitoring is one of several advances insurers are examining to improve the pricing of policies.Īs part of its data push, Swiss Re, the world’s second-largest reinsurer, has invested in, a startup aiming to let consumers store personal data culled across various social media channels and beyond and to exchange their data with businesses for personalised deals. ![]() However, detractors fret that such developments could erode customers’ privacy or lead to increasingly personalised pricing, undermining the basic principle of insurance - sharing risk. Swiss Re says technological advances will cut the price of insurance protection and help individuals and firms make better decisions through programmes that offer advice and incentivise improvements in areas such as health and driving. This could lead to future insurance cover based on “sentiment analysis”, in which Big Data and artificial intelligence make predictive models ever more accurate. REUTERS/Kacper Pempel/Illustration/File Photoīut such tweets could help insurers to price premiums for individuals, with research suggesting a direct link between positive posts and a reduced risk of heart disease. People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |