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

you know, above average or below average in life expectancy.

John Hancock, CEO, had this epiphany one day when he realized that the roads were getting a lot more crowded after the COVID-19-related

sharp drop in traffic.

So he saw traffic picking back up and he said, my golly, these people are driving like crazy.

They're speeding.

It just seems more dangerous on the roads than I remembered them before.

So he did some research and realized that traffic accidents are a leading cause of death.

So it's natural for an insurance company to focus on health-related things because if they take on healthy people and those customers live longer than people who aren't as healthy, then John Hancock's going to make more money on these people because they're going to live longer and pay more premium before they will decease.

I mean, it sounds kind of morbid, but that is the economics of the life insurance business.

So Hancock said, why don't we get in touch with Allstate, which is a leading car insurer, and they're into technology and data the way we are.

So there might be a way joint customers could use the data that Allstate's tapping to apply

Allstate is a leader in what's called telematics.

This is a field in which consumers use a smartphone app or there's a device they insert into their car.

And this device provides data to the insurance company, to the car insurer,

on their hard braking, on speeding, on how they go around turns.

It also provides data on the time of day you're on the road and how long your trips are.

It can keep track of mileage too.

John Hancock's is a voluntary program and they get the information because their customers provide it to them.

The customers can go on a John Hancock Vitality smartphone app or they can go on a special website and they plug in a lot of data.

And John Hancock encourages people, his policyholders, to use wearables where they can track how many steps they do a day and so they can go onto the website or onto the app and plug in their daily count.

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