Leslie Scism

speaker

504 appearances 9 recordings 1 series first heard Sep 2017 last heard May 2023

Leslie Scism’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Would You Trade Your Personal Data for Cheaper Insurance? · 25 Jan 2022 podcast

On the life insurance side, you should remember that in the application process, you are being asked to provide health data.

Sometimes the insurance company is going to require you to provide a blood and urine sample, and generally they have rights to see your medical records.

So simply in buying life insurance, you're agreeing to provide a lot of personal data.

If you then, over the years, add in a lot of data on your annual health checkups or if you add data about how much you exercise, well, you've already given them details of your blood and your urine simply in buying the product.

So you sort of have to keep in perspective how invasive is this additional detail that they're providing, giving what they provided just to buy the product.

Now, on the car insurance side, you're right that people are being asked to provide detail the car insurers didn't already have about them.

You know, where they're driving, what time they drive.

And this is really too much big brother to some people.

For a long time, the car insurers were stuck at about 30% of applicants who were offered the chance to use a telematics device would take it, but they couldn't kind of break through this 30% barrier.

Allstate says that its participation level has increased to 40% of applicants.

So there you have it.

I mean, even now of 10 applicants who are asked by Allstate, would you like to participate in our DriveWise program?

And we'll monitor all this.

We'll get all this extra data about you.

But you can get a discount of up to 25 percent if you show you're a good driver.

And six out of 10 people say no.

But four out of 10 say, sure, I'll do that trade.

Okay, my pleasure.

Thank you.

WSJ Your Money Briefing · More Middle-Class Americans Are Signing Up for Life Insurance · 1 Jun 2021 podcast

It was so easy for people to start to invest through mutual funds to get to the stock market that many thought, well, why do I need to pay an annual amount to an insurance company?

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