(CBS) -- Following the revelations about Cambridge Anayltica, some have been more circumspect about just what and how much we give away. However, CBS News reports that it's not social media sites that have the most information about us, but our insurance companies. "I doubt anyone fully grasps how much and what insurers have on us, how they obtain it and how they use it," Bob Hunter, director of insurance for the Consumer Federation of America, said. Insurers obtain information such as credit reports, the market value of your hoe, your age, marital status, education and, in some cases, your health. According to CBS, insurance companies often know more than legal authorities can and don't need legal warrants to get it. They won't discuss the information or how it's used. The companies, CBS said, say such data is proprietary and, if leaked, would give competitors unfair advantages. The data is also essential because they offer products, such as car insurance, that is required by just about every state. Now, insurers are using artificial intelligence to interpret the information they get from the public. With AI, insurers can interpret data as insignificant as bar bills or social media posts that indicate alcoholism or tobacco use. Regulators are attempting to catch up with the new technological world, said Michael Barry, the head of media for the Insurance Information Institute. "To make sure there's a proper balance between the information insurers gather from current or prospective policyholders and with whom and how they share that information, the National Association of Insurance Commissioners (NAIC) has created a Big Data Working Group." But just how, exactly does AI help insurers? 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. Such practices help him pinpoint people experiencing a "change in circumstances," which could lead to their buying more insurance. While new tools can be beneficial, insurers have been caught using "price optimization" now outlawed in 16 states.
A national consumer interest group has said 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 contents of a customer ’s home . They are also increasingly gleaning information about customers via the use of artificial intelligence . The National Association of Insurance Commissioners has created a research group to assess how insurers are processing and using crowd - sourced big data .