Predictive Models – Again
Indirect use of discrimination factors that are outlawed is inexcusable and needs to be avoided by due diligence by insurer and indeed the firm supplying the data. Any decent carrier would not want to cross those red lines anyway – and that is even if the data company involved is not itself subject to regulatory oversight and/or consumer protection laws. Moral: act with integrity and choose your business partners carefully.
Fitness and Health Apps may be Sharing the Most Private Details about your Life
There’s not enough oversight for apps that track everything from people’s fitness routines to their menstrual cycles, bioethicists say.
Why the Life-Insurance Industry Wants to Creep on Your Instagram
Insurers are using customers’ social-media posts to determine premiums, inviting the potential for our digital lives to become disingenuous performances.
Predictive Modeling – a View from New York
On 19 January 2019, the New York State Department for Financial Services (DFS) issued a circular letter concerning the use of external consumer data and information sources for life insurance underwriting. This followed a prior notice sent to insurers that the Department was investigating the use of such data for potentially unfair or discriminatory practices.
Why the Future of Life Insurance May Depend on your Online Presence
As the use of algorithms and public data to inform insurance premiums becomes more common, we’ll need to decide what is and isn’t okay
Very Risky Business: The Pros and Cons of Insurance Companies Embracing Artificial Intelligence
It’s a new day not very far in the future. You wake up; your wristwatch has recorded how long you’ve slept, and monitored your heartbeat and breathing. You drive to work; car sensors track your speed and braking. You pick up some breakfast on your way, paying electronically; the transaction and the calorie content of your meal are recorded.
Better Underwriting Decisions are Just a Heartbeat Away
Technological advances in biosensors and increasing amounts of heart rate data from wearable devices and electronic health records are leading to the development of more sophisticated underwriting algorithms. This data, when coupled with robust epidemiological evidence about the prognostic value of heart rate, may improve insurer understanding of cardiovascular risk and ultimately allow underwriters to better predict morbidity and mortality risk.
The Future is Now: Wearables for Insurance Risk Assessment
Wearables introduce a multitude of ways to monitor health. The quality and quantity of information supplied by wearables will transform how we manage our lives. There is a huge opportunity for life insurance companies to change the way we interact with our customers and to improve how we manage risk.
John Hancock Touts Early Returns On Apple Watch Monitoring Plan
New global research released by Vitality, a leading behavior change platform, reveals that financial incentives combined with wearables encourage people to significantly increase their physical activity.
Why Life Insurance Companies want your Fitbit Data
Customers can withhold their fitness data, but that will result in higher premiums, which may put life insurance out of reach for low-income earners. This in turn could have an impact on whether would-be homeowners can take out mortgages, some of which can require a life insurance policy on the principle borrower.