Big Data Is Changing Insurance
August 19, 2015 by Madison Jacobs
If you’re a young, male driver, or you have one in your family, you are no doubt aware of the astronomical price of car insurance.
This is obviously because drivers in this category are involved in a higher number of accidents, so it seems fair that they pay more to be on the road, right?
But what about those young, male drivers who are perfectly safe, and never cause a single accident? Isn’t it unfair that they are lumped in with the unsafe ones? It almost seems like a form of discrimination.
Big data analysis offers the chance to correct that unfairness. By giving insurers a better indication of which drivers are likely to claim, safer motorists can be rewarded with lower premiums – regardless of their age or gender.
Read more from Bernard Marr on Smartdatacollective.com.