Sign up FAST! Login

Insurance data mining: How big data is creating a premium opportunity


http://www.ikanow.com/blog/02/27/insurance-data-mining-how-big-data-is-creating-a-premium-opportunity/

insurance data

1. Insurance data mining detects fraud

2. Insurance data mining predicts which customers are likely to buy new policies

3. Insurance data mining provides increasingly accurate risk assessments

Stashed in: economics

To save this post, select a stash from drop-down menu or type in a new one:

I'm beginning to think that no insurance is worth paying for.

Is there such thing as insurance without a profit motive?

A long time ago, when small groups of people underwrote each other, just to cover risk, then there was less profit in the game. Since insurance companies became the object of institutional investment, then just like everyone else GOOG, FB included, profit reared its head.

If you and your friends, who you may consider lower risk, choose to create an insurance vehicle for each other, then you could probably take the profit out, but to create a large enough fund to cover all risks might require some admin, so costs do go up. Without the profit motive, you'd probably reduce the premiums for the grouppeople and cars

USAA?  

You May Also Like: