Insurance data mining: How big data is creating a premium opportunity
Mo Data stashed this in Big Data in Insurance
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
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 group