Mmastodon BusinessBanking first seen 2 d ago, last 1 d ago, peak #8
Insurers now feed alternative data into pricing algorithms
Original: Insurers have priced auto and home policies on credit-based scores since the 1990s. Now they feed hundreds of alternativ
Insurers have priced auto and home policies using credit-based scores since the 1990s, but they now feed hundreds of alternative-data signals into algorithms that set premiums. These include shopping habits, device type and even social media activity, raising fresh privacy concerns about how much personal information shapes what people pay for coverage.
Why now: Privacy advocates are drawing attention to how far insurers' data collection has expanded beyond traditional credit scores.
Evidence
- Insurers have priced auto and home policies on credit-based scores since the 1990s. Now they feed hundreds of alternative-data signals — shopping habits, device type, even social media — into algorithms that set your premium. So what: under HIPAA you can get your medical… · indigoprivacy@infosec.exchange · 1
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