In the past few years, it has became increasingly easy to gather, share and use data which is exactly what most insurance companies are now trying to do. Today it got me wondering, how much would you be able to share or put yourself through if it meant having a lower premium?
-Would you have a car that requires you to do an alcohol test before starting it up?
-Would you mind having your insurance company tracking you with a GPS if it meant lowering your car insurance (since they would know how little you use it?)
-Would you mind if your car insurance company had access to your car speed at all times?
-Would you care if your insurance company had access to your medical history?
-What about a company that had access to your Facebook account to be able to “profile” you more accurately? Someone posting parachute or bungee jumping might not like it but what about others?
I don’t like all of these ideas, even some that might help me to save money. I’m sure it’s the case for you as well?
Is It Even Within Our Control?
The thing though is that it might not be within our control. Why? Just think about how quickly things are changing. Potential employers are looking at Facebook, LinkedIn and the web to get a better idea of who we are, etc. A lot of data is being collected by governments, companies and used to different extents. As these companies become better at managing and drawing meaning from “big data”, it’s likely that this will only become a bigger issue.