Saturday, 25 February 2017

Your Facebook account may be key to insurance policy discounts

If you thought opening an account on Facebook was only to keep in touch with friends and relatives, you are mistaken. Life insurance companies are in early stages of discussions to see if access to one’s social media profile could be an enabler to offer better rates of premium for a policy. RM Vishakha, MD & CEO, IndiaFirst Life Insurance said that as insurers, they would want to use social media data. “We are toying with the reinsurers that if an individual gives us their social profile, can we give them better pricing. If you get that data, you underwrite better rather than staying static,” she said. 

Underwriting and pricing for any insurance product are done at the beginning of the policy being issued. The pricing done by for insurance policies is based on the age of the person and the premium is calculated using the mortality table. This is a table which each insurance company refers to and contains details of the rate of deaths occurring in a defined population during a selected time interval, or survival from birth to any given age.

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