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from the we-told-you-this-would-happen dept.
In a move that should surprise no-one, The Guardian reports that :
One of the biggest insurance companies in Britain is to use social media to analyse the personalities of car owners and set the price of their insurance.
The unprecedented move highlights the start of a new era for how companies use online personal data and will start a debate about privacy.
Admiral Insurance will analyse the Facebook accounts of first-time car owners to look for personality traits that are linked to safe driving. For example, individuals who are identified as conscientious and well-organised will score well.
The insurer will examine posts and likes by the Facebook user, although not photos, looking for habits that research shows are linked to these traits. These include writing in short concrete sentences, using lists, and arranging to meet friends at a set time and place, rather than just "tonight".
As usual the insurer claims that this is "voluntary," where "voluntary" means you'll pay an extra amount up to £350 if you choose to protect your privacy.
The long term goal is to add other social media platforms, and yes, "...we've been working closely with Facebook in Europe to get the service ready"
(Score: 2) by yarp on Wednesday November 02 2016, @12:57PM
This is interesting. I knew profit margins were slim due to introductory discounts (and generous referral fees), but didn't realise the premiums were sold at an outright loss until the _third_ year. I haven't experienced many occasions where even the first renewal quote has been competitive. The rash of comparison sites which appeared around the turn of the century can't have been all that good for insurers' bottom lines.
Home insurance, however, doesn't seem to be as volatile. I've had renewal quotes that were as good as I could find shopping around.