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rant: another weird symptom of the world rapidly turning into shit.

It seems like more knowledge only makes the world worse. For a consumer there is very very very little benefit of corporations knowing anything about you.

The entire concept of insurance is to lessen the financial impact of an unfortunate event by everyone contributing a smaller amount. Fighting against this principle is insurance companies that want to keep accepting money but really don't want to hand it out again. To do this they will disadvantage anyone who is more likely to need their money. Some things make sense, maybe smokers should pay more for health insurance but with more and more data mining they will be able to find trends where people that do X might be 0.001% more likely to claim and will therefore charge them more. If you happen to also do X you will pay more even if you yourself arn't more likely to claim. and when they chuck ML/AI into the mix to look for trends it will just get worse.

So you think it would be better if insurance companies knew exactly all the details of your life so they could custom design your premium for you? Because that is the real outcome of making premiums specifically catered to your life experiences as opposed to general buckets.

If everyone were charged the same premium, your premiums would actually be much more, because now you would be deemed as posing the same amount of risk on the road as a person who has caused 5 accidents over 10 years.

You can't have your cake and eat it too.

no, definitely not! god no!

that does away with the idea of insurance. what if your genes said that you were 15% more likely to get cancer and all the insurance companies won't accept you?

what if to keep your premiums you had to not eat bacon?


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