Insurers consider setting rates based on your Facebook info

[Newsjock]

Source: Los Angeles Times

... More ambitious insurance companies are even exploring the possibility of using online data to help underwrite policies.

Celent, the insurance consulting arm of financial and insurance brokerage firm Marsh & McLennan Cos., recently published a study titled Leveraging Social Networks: An In-Depth View for Insurers and suggested that social-networking data could be used to help price policies.

Mike Fitzgerald, a Celent senior analyst, said life insurance companies could find social media especially valuable for comparing what people will admit about lifestyle choices and medical histories in applications, and what they reveal online.

That could range from "liking" a cancer support group online to signs of high-risk behavior. "If someone claims they don't go sky diving often, but it clearly indicates on their online profile that they do it every weekend they can get away," Fitzgerald said, "that would raise a red flag for insurers."

Read more: http://www.latimes.com/business/la-fi-facebook-evidence-20110125,0,4304729.story

[KansDem]

1. What if one doesn't belong to FaceBook?

...or any other "social network?"

[Newsjock]

2. They'd probably make you pay more

As an "unknown risk." Same if you tried to lock down your profile. That's where all this is heading, I fear.

[Statistical]

3. Could be a profitable venture to provide a service to ..

make fake facebook profiles which show you as a low risk person. :)

Game the system.

[Auggie]

5. I like it

[madmom]

4. Yeah, like I'm sure people never "pad" their face book persona.

[hobbit709]

6. That's why half the stuff in my FB profile isn't quite accurate.