Insurers look to technology to boost profits by profiling clients
New technology, which monitors how fast you drive and where you go, as well as your Facebook profile is the future for setting insurance premiums.
A survey by Interim Partners, found that, in addition to tracking technology installed in potential customers’ cars, insurance executives said social media profiling, combined with geographic, political and economic data, was driving the industry forward.
The majority of industry executives expected the biggest developments to come in the car and health insurance sectors.
Developments in data analysis allow for more accurate profiling, from whether you live in a crime-hotspot or an earthquake fault-line, and therefore pricing, and will deliver more reliable policies for insurers.
The survey found that 33 per cent of insurance executives thought technology was the best investment to boost profits, ahead of investing in staff or raising premiums.