Ellen Byron
speaker
86 appearances
2 recordings
1 series
first heard Mar 2019
last heard Dec 2020
Ellen Byron’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Insurers Will Use Your Facebook Posts to Raise Rates · 19 Mar 2019
podcast
Even though it's not happening right now, experts in this field expect that it's just a matter of time before it will.
And so if you're consistently posting yourself doing dangerous, risky behavior, that could come into play potentially years from now when combing social media for insurance risks is more widespread.
Well, that already is setting off red flags on the claim side.
So when you are filing claims for auto insurance or property insurance, disability, already in practice is combing social media posts for any clues that might contradict what you've said in a statement.
Yes.
So the experts that Leslie Sism and I spoke with for the story, we learned that using social media in underwriting and figuring out how much you need to pay for, let's say, life insurance policy,
That is still in development.
It's not widespread.
It's not used to scale because the technology isn't quite there.
But there is agreement that it's simply a matter of time before this becomes a more efficient process for an insurer to gauge your risk.
Yes, there are ways that potentially your premiums could go down.
If you are a healthy person and your social media lifestyle matches that, you potentially could see lower premiums.
And there are ways that people agree to share their personal digital information already for better rates.
There are devices and ways that auto insurers can tell if you are a safe driver and consumers give up that data about themselves in exchange for better rates.
We're also starting to see it happen with fitness devices.
Consumers who work out a lot are willingly giving up data about how many steps they take
in a day, for example, or how many times they work out in exchange for, again, some better rates.
And so right now there are early uses of this data, but the expectation is that this will be far more widespread soon.
Yes.
I mean, of course you should review the privacy settings on all of your social media accounts, making sure that your posts are only shared among your selected network, and untag yourself from photos other people post.
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