Watch out - we're about to get screwed again:
The traditional business of insurance is about to change dramatically as disruptive technology is applied. An astonishing 87 percent of insurers agree that technology is no longer advancing in a linear way but an exponential way and 96 per cent of insurers think that ecosystems or applications made by autonomous organizations are having a major impact on the insurance industry. The use of social credit mechanisms is being developed, some already implemented, which will determine our future behaviour, that will affect us all – both individually and negatively.
In a 12 page pullout piece in The Times last week, which focused on the insurance business, technology is seen as the panacea to their industry ills – literally.
In one frightening statement an insurer says: “Life policies could soon be sold on the basis of a selfie, without the need for a medical.” This statement comes about from new facial recognition technology that can identify your age and lifestyle choices such as smoking.
Insurance will soon be personal rather than product orientated. Driving cars has already become one of them. Technology will alert the insurance company what vehicle is being driven and how aggressively - or otherwise, determining the cost of each drive.
The upside says the Times, is that these greater insights provided to insurance companies can reduce premiums to many careful people, but for those it decides are riskier, many may never get cover at all.
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Real outcomes can be demonstrated and proven using facts, while risks can be assigned any value the companies desire. This disruptive change will guarantee insurance company profits, while more or less providing no benefit at all to We The People. Does anyone really expect their rates to go DOWN?
And were these principles to be applied to ObamaDon'tCare (or its replacement), NO ONE would be able to afford insurance since the cost of the underlying products and services (e.g., so-called "health care") is what is rising exponentially. "Insurance" is merely protection money paid to allow one to make a claim on the underlying racketeered products or services.