CEO Dror Katzav of an Israeli tech firm, called Atidot, said it helps by mining data from life insurers and linking it to public information such as Census data. A US consumer interest group has cautioned that insurance companies have more information about customers than social networks. The Consumer Federation of America said insurers often know more about individuals than legal authorities do and can collect sensitive data without the need for a warrant on such things as credit reports or the value of a customer’s home. “Insurance companies are able to use this information in ways they never could before,” CFPB director Richard Cordray said. The National Association of Insurance Commissioners has created a working group to assess how insurers are processing and using consumer-sourced big data.
A US consumer interest group has cautioned that insurance companies have more information about customers than social networks. The Consumer Federation of America said insurers often know more about individuals than legal authorities do and can collect sensitive data without the need for a warrant on such things as credit reports or the value of a customer’s home. “Insurance companies are able to use this information in ways they never could before,” CFPB director Richard Cordray said. The National Association of Insurance Commissioners has created a working group to assess how insurers are processing and using consumer-sourced big data.