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February 9th, 2023
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How is data revolutionising the insurance industry?
Data and the insurance industry has been in the news quite a lot recently after Admiral announced it was launching a ‘firstcarquote’ scheme in which a young driver can give permission for their Facebook account to be accessed by Admiral and for them to set their insurance prices based on what it sees.
The scheme didn’t go ahead after Facebook denied access to its user’s profiles as it breaches Facebook’s policy but this doesn’t seem to be the only issue with this. Many people, including myself, have asked how accurate can this really be? Does the use of an exclamation point show erratic behaviour?
While this way to lower car insurance costs seems to have many questions around it there are few technologies evolving that I believe may help to revolutionise the way our insurance prices are calculated.
While driverless cars start to make their way to our roads many drivers won’t be able to own them for a long time. For the time being Renault have partnered with Microsoft to create the “pay how you drive” scheme, quite simply a box will track you in real time as your drive and will upload the data to the cloud for the insurance company to access. In essence if you have a bad day in the car you will end up paying more but if you are consistently driving sensibly you’re prices will be lowered.
There is also the good old fashioned way of using telemetry boxes; many insurance companies offer these to young drivers to enable them to lower their prices. The use of telemetry boxes allows insurance providers to build a database on the users and create profiles of drivers so they are able to more accurately predict the premiums for different drivers.
Whatever the future holds for the insurance industry I welcome anything that might lower my prices!
How do you think data is changing the insurance industry?
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This blog was originally published on LinkedIn. To read the original article click here
