How to know your suitable car insurance’s price according to Facebook posts

The algorithm of insurers analyzes the usage of the social media to identify the safe drivers when putting in unprecedented customer data use.

We have to agree that the initiative of such analysis is aimed primarily at some first-time car owners or drivers. One largest insurance companies located in Britain may use the social media channels to diagnose the car owners’ personalities before setting their insurance’s price.

How to know your suitable car insurance’s price
The unprecedented change highlights the new era’s start for how insurance companies use the online data of personal fields and may raise a debate, especially about privacy. In this article, we will analyze several Facebook accounts belonged to first-time drivers or car owners and look for their personality traits which are linked directly to the term of safe driving. As far as you may know, individuals identified as a well-organized and conscientious person will score high.

How an insurer knows your suitable car insurance price via Facebook posts

The insurer may examine likes and posts by you as one Facebook user, even photos you took. Then, they look for your habits that the recent research shows can be linked to such traits. These factors include writing ways in short or long concrete sentences, arranging to visit friends at some fixed place and time, and using lists rather than only typing “tonight”.

Also, evidence that a Facebook user can be overconfident – for instance, the frequent use of some typical exclamation marks, such as people who prefer to use “never” or “always” than “maybe” – can count directly against them.

This initiative was aimed at the first-time car owners or drivers – although some people with a driving license may apply. There is a voluntary scheme which only offers a range of discounts and does not mention much about the price increases. All of this set is worth of the maximum of £300 per year.

The source of data

The fast growth of personal technology and social media has given the insurance employers and companies swaths of information and data they may access in order to analyze employees or customers. In addition to the general scheme of the car insurance, insurers can look at the way a customer uses the recent rise of fitness trackers and smartwatches to monitor his or her health.

Let’s go to a detailed example here. Currently, Vitality sells a series of Apple Watch and its target customers are people interested in life and health insurance customers. Then, its suggested final price should depend on the volume of exercise such customers can do if owning the fitness tracker or watch.

Everything about setting a suitable price for the car insurance
A professional car insurance company may offer an easy-to-do way for all young drivers, and they can identify themselves of being safe while not waiting years to build up their track record which has no bonus of claims.

However, is there anything related to the personal data invasive here?

The answer is that this method is incredibly transparent. The main purpose of this program is to allow people, especially the youth to define themselves as a safe driver. A scheme further may be eventually developed, meaning it might include other sites of social media channels and increase its car insurance price for some first-time drivers.

As this idea is indeed innovative, the required data will just provide a considerable discount to their expected customers. As we do not know about the future, it only works if people want to share their information and data.

Details about the algorithm of the car insurance here

The above technology uses the social data channels to make the personality assessment then, it will judge against the real claims information and data, analyzing the insurance risk to the driver. Such an algorithm looks for the correlations between actual claims information or data and social media information or data. The above technology may evolve as the first point to attract customers as well as gathers sufficient evidence about such correlations, showing us the clear importance of things identified on the social media channels could change.

This analysis may not be based directly on a specific model. It was built according to thousands of various combinations of phrases, likes, and words which change constantly with the evidence obtained from the information or data. In this way, their calculations can reflect the way drivers behave in general on the social media channels, and how much predictive it is. Such factor will be opposed directly to the fixed assumptions regarding the way safe drivers can look like.

The operating team is currently working quite closely with the Facebook team to get that service ready. They also addressed some outstanding issues and will try their best to offer its targeted customers better deals regarding the car insurance at the soonest time.

Bottom line

Hope we did offer you useful information regarding how to know your suitable car insurance’s price according to Facebook posts in this article. We will keep you posted if there is any update from the responsible team.

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