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03-19-2013, 04:42 PM | #29 |
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I work in Insurance and the last meeting I had talked about these things. Said they are only used for lowering rates and not increasing. I think there may be lawsuits if there is doubt that is used for other reasons.
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03-19-2013, 05:02 PM | #30 | |
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What is the data retention policy of your organization? Who owns the data? Is the data exempt from inquiry by any government entity? |
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03-19-2013, 05:19 PM | #31 |
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Or vice versa. Plug your factory ECU into a box that makes it think the car is enjoying super-safe driving during the lowest risk hours, on the lowest risk roads, with gentle throttle input and cautious braking applications...
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03-19-2013, 06:09 PM | #32 |
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Problem with this comes when the insurance company decides to sue you for fraud.
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03-19-2013, 06:23 PM | #33 |
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03-19-2013, 06:29 PM | #34 |
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03-19-2013, 06:33 PM | #35 |
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03-19-2013, 07:05 PM | #36 | |
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This is very similar to tiered data plans by the cell phone companies. (Charge based on behavior) The insurance company that does not require this in the future will be the big winner.
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03-19-2013, 08:21 PM | #37 |
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03-19-2013, 11:11 PM | #38 | |
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03-20-2013, 07:34 AM | #39 |
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It's coming and what's sad is America is full of very stupid people who are eager to sign away thier (and ultimately our) privacy to save a few bucks...at least in the beginning.
Check out this survey done by Towers Waters, a global leader in insurance consulting. This is the same firm that helped promote and implement this technology oversees. @Tt3Sheppard what your company is telling you in meetings is pure BS... 89% of the respondents said they plan to use this technology in rating your insurance...it's coming folks...tell all your friends to "just say no" http://www.towerswatson.com/en/Press...rs-Watson-Surv NEW YORK, February 6, 2012 — Predictive modeling continues to gain momentum among North American property & casualty (P&C) insurers, according to findings from global professional services company Towers Watson’s (NYSE, NASDAQ: TW) third predictive modeling survey. The findings show that while the potential to advance critical areas of P&C pricing and risk assessment through predictive modeling is not as mature in commercial lines as it is in personal lines, commercial lines adoption will continue to accelerate over the next two years. The survey revealed that nearly all (97%) U.S. personal lines respondents said they view sophisticated underwriting and risk selection as essential or very important. As such, the majority of U.S. personal lines insurers are already committed to predictive modeling, with approximately 85% saying they use or are planning to use it. Further, while standard commercial lines insurers have lagged their personal lines counterparts in recognizing the importance of moving to adopt predictive modeling, those carriers are now actively adopting the technique, with roughly 70% indicating they either currently use or plan to use it in underwriting, risk selection, rating and/or pricing within the next two years. “The optimism expressed by the senior executives responding to the survey suggests the range of future uses for predictive modeling is broad, and will include not only pricing and product innovation but also new refinements in areas such as underwriting, risk selection, claim applications and target marketing,” said Brian Stoll, Towers Watson director and the survey’s coauthor. “There is a good reason for optimism: An increasing number of survey participants that use predictive modeling report it is improving both their top- and bottom-line results. This profitability improvement encourages P&C insurers to find even more ways to extend predictive modeling applications and further access the benefits it can offer.” While standard commercial insurers currently using predictive modeling are in the more modest 25% - 41% range (indicating significant growth from a year ago), those planning to start programs are in a more robust 31% - 48% bracket. Part of the motivation for the aggressive plans of commercial insurers is likely explained by concern they expressed in survey responses about the ability of the standard industry class plans and exposure bases to appropriately segment individual risks, in that predictive modeling provides the path to more accurate pricing. The greatest growth potential appears to be concentrated in the commercial property, commercial multiperil (CMP) and business owner policy (BOP) lines of business, where nearly half (48%) of respondents indicate they intend to implement predictive modeling for risk selection and/or pricing. Commercial automobile carriers are also showing interest, with 37% responding that they plan to use predictive modeling. Insurers using predictive modeling also said it is pivotal in achieving both strong top- and bottom-line results. Bottom-line benefits of rate accuracy, loss ratio improvement and improved profitability all received positive responses of nearly 75% or more from survey participants. Furthermore, over a third to nearly half of respondents also cited additional positive impacts on the top line from expansion of underwriting appetite, improved renewal retention and increased market share. “What’s important to note is that these percentages are up about 10% to 20% over last year’s results, indicating the enduring sustainable benefits of predictive modeling,” said Klayton Southwood, a senior consultant at Towers Watson. Leading personal auto lines insurers that committed to predictive modeling early in its development are actively adding depth to their programs by introducing or expanding their use of telematics — the technology of sending, receiving and storing information via telecommunication devices. Currently, personal lines respondent carriers that use telematics are focusing on only a few areas, including measurement of annual mileage, tracking how and when a vehicle is being driven, who is driving the vehicle and where it is being driven. However, more expansive plans are under way, according to the survey, with 89% of personal lines respondents that either currently use or plan to use telematics planning to use the data prospectively in rating, and 83% planning to use it to provide information to insureds to help improve driving behavior. Commercial carriers’ use of telematics is focused on the same four areas mentioned earlier: 87% of commercial lines respondents that currently use or plan to use telematics have plans to track mileage, where and when the vehicle is being driven, as well as who is driving the vehicle, the survey indicated.
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03-20-2013, 10:49 AM | #40 |
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Ever seen the movie Idiocracy..?
http://en.m.wikipedia.org/wiki/Idiocracy |
03-20-2013, 12:09 PM | #41 |
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Just like some states are toying around with taxing us on how much we drive, which I'm not necessarily opposed to except for how they want to go about it. Instead of just recording our annual mileage during an annual inspection, they're talking about installing GPS trackers on every car (see Oregon). F that.
There is LARGE sums of money to be made by removing privacy and monitoring (and controlling) behavior. Google and Facebook have proved this. Every other company is desperately trying to capitalize, like Google, on a perverse and absolute violation of our privacy for profit. People often think it's government that's out to get them all the while forgetting that corporations have no oversight, have not voting constituency and often times wield more power than the government itself. We should resist this new normal, it is NOT good and if we let set it in, we (as a society) won't be able to reverse it because it will require policy to reverse it and we don't own our politicians, the corporations that are seeking to own our privacy do. I used to have a Facebook account but no longer and when people ask me why I just tell them: "If you don't hold your privacy in high regard, neither will the rest of the world."
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03-20-2013, 01:56 PM | #42 |
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Woah, did not expect to see this crazy amount of paranoia in this thread. Some of you have an odd definition of privacy.
I have no problem with these devices for certain people in certain situations. I would not recommend it for an 86, of course, but for someone older with a minivan or something sedate that is doing a nice normal daily routine, why not save a few bucks?
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