Insurers around the globe are continuously looking for the most accurate ways to assess risks and better evaluate drivers’ behavior, outside of the traditional methods of calculation, which are heavily based on age,
Insurance companies can soon be requesting permission to access drivers’ social media account so that the information can be used to create personality-based profiles for their drivers. The idea is that there are patterns and correlations between how people interact with social media, and how they behave in their real lives. The information being sought is evidence that a driver is conscientious and, thus, less likely to get into an accident. This evidence would include analyzing writing styles as well as what a person’s interests are by looking at likes and shares.
Many drivers may find this way of assessing
A less intrusive and more accurate option for evaluating risk is the implementation of a connected car insurance or usage-based insurance (UBI) program. An insurance company with
Evaluations made by looking at someone’s Facebook account are akin to traditional calculations that weigh heavily on assumptions based on driver age, gender and vehicle make. These traditional and non-traditional metrics are largely based on best guesses and are not necessarily reflective of an individual behind the wheel.