Twitter has become a virtual dumping ground for the people’s daily ramblings. Insurance companies are now combing through this massive pile of big data and basing investment price premiums on a user’s tweets.
This method of pricing could pave the way for future insurance cover based on “sentiment analysis” wherein information gathered from Big Data and artificial intelligence is used to make predictive models more accurate.
Insurance companies are turning to social media monitoring as a new means of improving the pricing of policies.
Details such as lifestyle and manner of living can easily be picked from a user’s Twitter feed. From there, it’s a matter of deciphering what kind of risk a person poses – good or bad.
Things such as eating habits, for instance, can easily be collected from Twitter, and Big Data gathered from tweets. With the use of data analytics, it is then possible to analyze if a person’s diet is likely to lead to certain diseases, such as heart failure, and decide how much money s/he would likely cost the insurer.
Image from www.theguardian.com
Swiss Re (SRENH.S) believes that in the coming years, technological advances will allow the price of insurance protection to be reduced drastically.
“In a relatively short period of time, maybe a few years, most of the major insurers will have integrated lessons from behavioral research,” Swiss Re’s head of digital analytics catalysts, Daniel Ryan, told Reuters. “Undoubtedly, it will lead to a different interaction between insurer and policyholders.”
They hope that in the future, by lauding “safe behavior” and “good lifestyle choices,” more and more users will follow suite and ultimately, create a calculated shift towards better lifestyle choices for all.
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Some people may not like it when they spy too much.
When insurances read Twitter, that might not be spying.
But some people may not like it.
Those people can maybe come to Steemit.
And we may not want to or should not trust them.
Because of what they can do.
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almost nothing is ever private these days! Technology can have its upside and downside. Thanks for your comment @joeyarnoldvn
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salamat kau ani nga article ba informative kau e upvote tika and e follow salamat :) hehe
(thank you this is really informative article/post I upvote you and follow as well thank you)
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Thanks @billyeun. More to come!
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