Insurance rates are through the roof - and you can blame AI
There’s a good chance you’ve been hit with insurance rate hikes — and it’s not just you. Within the past year, about a third of us have been hit with increases to the tune of 17%.
Insurance companies blame it on rising costs for car parts, replacement cards and all those expensive claims.
They are raising rates to keep up with those pricey claims — all while turning a profit. And, surprising no one, they’re using data tracking and AI to make it all happen.
Let’s get into what’s really going on and what you can do to cut costs.
A whole new world
Business Insider dove into the secretive world of the insurance industry — and it’s not pretty. Back in the day, your insurance policy was based on simple demographic data points. Think 36-year-old woman in Phoenix. That’s it.
With more AI tech and data than ever at their fingertips, insurers now know exactly how much customers are willing to pay.
“Price optimization” feeds consumer data into an algorithm that spits out a personalized price for each customer. It’s based on how risky a person is to insure but also considers predicted profits they would deliver for as long as they’re a policyholder.
Insurance companies look at many data points, including if you’ve recently had your roof replaced and what you eat regularly. They can even check your social media posts and know if you’re a smoker.
What’s that got to do with how well you drive? Not much, to be honest. But it does have everything to do with making it harder to find a good deal.
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