The New-York Department of Financial Services recently advised (January 2019) that insurers are authorized to use external consumer data and information sources in underwriting life insurance.
Would posting healthy lifestyle photos on Instagram help reduce life insurance premiums? Would transmitting data on calorie consumption from our wearable devices affect the amount we pay on insurance?
Other than the immediate effects, such regulatory updates are likely to attract even more startaps to the world of insurance tech, proposing solutions for better evaluations of the risks associated with each insured and provide more efficient insurance products.