> But on the other hand I'm sorry to inform you that your insurance has gone up, because we found that drivers in your neighbourhood are in general 2498% more likely to have accidents.
These types of statistical analyses are exactly why insurance is as cheap as it is.
I'm no fan of all the discounts insurance companies hand out for handing over private data like driving behaviour or healthcare stuff, but insurance companies with no risk management can't compete in any kind of open market.
I would argue that in terms of broader accessibility of insurance, these microtargeting approaches may actually be an improvement for many. If you live in a troublesome neighbourhood you may be paying through the nose for getting categorised as "one of the bad ones", but these individual data points can help prove you're a responsible driver and escape some of the cost of having a shitty start in life.
I'm still against these data collection practises ("you want privacy? Live in a rich neighbourhood and get a college degree!", plus a lack of any kind of law preventing these companies from sharing or selling that data) but there are solid arguments in favour of feeding insurance companies more data.
These types of statistical analyses are exactly why insurance is as cheap as it is.
I'm no fan of all the discounts insurance companies hand out for handing over private data like driving behaviour or healthcare stuff, but insurance companies with no risk management can't compete in any kind of open market.
I would argue that in terms of broader accessibility of insurance, these microtargeting approaches may actually be an improvement for many. If you live in a troublesome neighbourhood you may be paying through the nose for getting categorised as "one of the bad ones", but these individual data points can help prove you're a responsible driver and escape some of the cost of having a shitty start in life.
I'm still against these data collection practises ("you want privacy? Live in a rich neighbourhood and get a college degree!", plus a lack of any kind of law preventing these companies from sharing or selling that data) but there are solid arguments in favour of feeding insurance companies more data.