Data & Insurance
By Mike Thacker-Cooke
11th November 2016

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? Let me know in the comments below

KDR Recruitment is the home of the UK’s best Information Management and Analytics jobs. To view our latest roles click here.

This blog was originally published on LinkedIn. To read the original article click here


Currently there are no comments. Be the first to post one!

Post Comment


AI is changing the customer experience

There is no question about it, artificial intelligence is changing how customers interact with brands and develop through the buyer journey. For many customers interacting with AI has become the norm, whether they realise it or not. As artificial intelligence... Read More

How to spot a bad contract

As specialist recruiters in the information management and data analytics industry we come across plenty of contractors, and contracts. We always make sure our contractors get a fair deal and their contact is correct, however others are not so lucky.... Read More

Growing old robotically

The use of Artificial Intelligence and robotics is increasing throughout the world, it is being used across multiple sectors in multiple industries. The healthcare industry is starting to see a boom in how AI and robots can be used, and... Read More

5 common CV mistakes you should avoid

Your CV is important, it is what stands between you and your future employer. If you don’t have a good CV, you might not get an interview therefore it is essential you get it right. What are the rules for... Read More

Where should we send our newsletter?