Life Insurance agencies such as John Hancock offer to tie behavior data directly to your premium, according to the New York Times.
The business collects data from fitness trackers that monitor your exercise and sleep habits. Other companies provide smartphone apps that measure your vehicle’s acceleration and braking patterns, as well as your social media accounts to compensate for risky behavior. If you rank a low risk, your premium should be lower.
Big data is upsetting the insurance industry. Before, insurance companies couldn’t have solid proof of your lead foot, smoking decisions, or distracted driving habits. But this voluntary tracking could protect your wallet from footing the bill of more risky individuals.
Some may feel violated by this level of surveillance of privacy. But this could be so uncomfortable that it forces us to evaluate the cost of habits to our health. Paying a higher premium because you drive like a maniac may cause you to change, as with your exercise habits.
It’s your choice (for now) to opt into this program. But AI already forms much of your daily routine; Google maps tracks users driving patterns to determine delay times, Spotify creates new playlists based on your history, and Facebooks ads target products to specific audiences.
This program demonstrates the cost of your actions in the long-run. How valuable is living ten extra years with the ability to walk regularly? Is smoking cigarettes worth the higher premiums and possibly not seeing your grandchildren? You decide.