I shudder at the thought that an algorithm developed by artificial intelligence will allow the insurance industry to no longer spread the risk among all policyholders, but stick it to the few whom the data points identify as the most likely problem.
Back in the 1800s, when the barn burned down, it was nice that the entire community came to the aid of that one farmer.
Television advertising by State Farm is working hard to condition us into thinking that quarterback Aaron Rogers’ driving discount does not need to be made up somewhere else – see Arron was not going to have a wreck this year anyway, but State Farm will still pay losses, year in and year out, at a very predictable level. This means that any discount to Aaron Rogers must be charged elsewhere to some other driver that either drives faster or refused to give up all of the data gathered by the device installed in Aaron Rogers’ vehicle.
As to the question about who owns the data? I would believe that you have signed away your rights to the data when you approved the device with hopes that a premium discount was on the way.
Policyholders are not insurance experts. Most people will have few if any claims…
This News From Feed news.google title “Viewpoint: Does Artificial Intelligence Know Who’s Barn is the Next to Burn Down? – Claims Journal”
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