Admiral to price car insurance based on Facebook posts

Post by faitswulff » Wed, Nov 02, 2016, 1:43 PM UTC

Post by joezydeco » Wed, Nov 02, 2016, 1:55 PM UTC

faitswulff wrote: post #41

In the sidebar: "Facebook forces Admiral to pull plan to price car insurance based on posts" https://www.theguardian.com/money/2016/nov/02/facebook-admir... > Facebook said protecting the privacy of its users was of the utmost importance to it and it had clear guidelines about how information obtained from the site should be used. > Section 3.15 of Facebook’s platform policy states that the social media site’s data s…

Post by pc86 » Wed, Nov 02, 2016, 2:00 PM UTC

Broken_Hippo wrote: post #30

jpalomaki wrote: post #12

Earlier quoted context omitted.

I would assume things like income and education are already now used in this kind of pricing decisions.

To a point, yes. I don't think they are allowed to know the income in the US - and I'm not sure they can ask your education either. But they do use credit score, which negatively affects poor people. They say it is because people with poor credit are more likely to file a claim (note it isn't because of poor driving, just simply ability to cover a smaller incident). They also use crime rates in an area, how far you d…

Post by aianus » Wed, Nov 02, 2016, 2:11 PM UTC

teekert wrote: post #24

"You will only get discounts" Yeah right, that is not how insurance works. The cost per year for an insurance company is relatively stable and simply the chance a person crashes * the average cost of a crash * the amount of people insured. The other customers, without FB or who use a lot of exclamation marks will thus pay for a higher amount of the total costs. This gives them an incentive to go to a fair insurance c…

Post by bitJericho » Wed, Nov 02, 2016, 2:36 PM UTC

andybak wrote: post #14

bitJericho wrote: post #4

From the article: "The scheme is voluntary, and will only offer discounts rather than price increases, which could be worth up to £350 a year. However, Admiral has not ruled out expanding firstcarquote." This is not a discount for courteous people. What this is is collection of personal data for advertising and data collection (to be resold) and a good way to advertise to people's friends. And 350 a year? I'll believ…

> What this is is collection of personal data for advertising and data collection (to be resold) and a good way to advertise to people's friends. I can see nothing to that effect in the linked article. Are you hypothesising or is there something I missed? I'm not saying it's not plausible but the T+Cs should clarify one way or the other.