Insurers are using customers’ social-media posts to determine premiums, inviting the potential for our digital lives to become disingenuous performances.
Insurers are today capable of and are, in fact, gathering ever-more-detailed information about us, using publicly available and purchasable information like shopping records, household details, and social-media profiles to inform decisions.
A selfie reveals more than whether it's a good hair day. Facial lines and contours, droops and dark spots could indicate how well you're aging, and, when paired with other data, could someday help determine whether you qualify for life insurance.
The digital economy is rapidly changing the way life insurers market and sell their products and services. Already some companies are successfully adapting to the new demands of the marketplace. These are the Digital Transformers. They are moving quickly to find new customers, deliver new products and open new markets.
The information people post online can tell a somewhat different story than what is being presented to doctors and insurers on a claimant statement or application, and can be used in conjunction with other facts to adjudicate claims or when underwriting an applicant.
https://www.hannover-re.com/579294/recent (see newsletter dated 2016-06-30)