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What does your insurance company know about you?

After an accident, do you ever wonder how insurance companies come up with the amounts that they offer for settlements?

This blog previously discussed why you should avoid talking about your accident on social media, because insurance adjusters will be scrutinizing those posts to reduce their costs. While this is sound advice, there is something else you should think about if you think your insurance provider or the negligent party’s insurance company is really “on your side.”

Just like Facebook and Google harvest mass amounts of data to determine what ads to show you, insurance companies are likely collecting much, much more data on you that is much more personal.

Insurance companies know more than the authorities

Insurance companies – property insurers, health insurers, life insurers and motor vehicle insurers alike – are all likely collecting vast amounts of data about you, and they won’t talk about how they get it or what they use it for. However, insurers are using new technology and your Internet-connected devices (phones, tablets, cars, etc.) to collect information like your:

  • Credit reports
  • Home’s value
  • Education background
  • Health status
  • Driving habits
  • Spending habits

Additionally, insurers are using artificial intelligence (AI) tools to use your data to determine what policies you are likely to purchase. They can also use it to determine if you are more likely to make bad decisions than other drivers, driving up your premiums.

Consumer advocates warn that your insurer’s in-depth knowledge of your financial situation can also lead to low-ball settlements. For example, if your insurer knows you need the money, they are more likely to offer you a lower settlement.

You need an advocate in your corner

There is never a wrong time to hear the reminder that insurance companies make money from people paying their premiums and then limiting the money they pay out for claims. That is why you should never trust that an insurer, even your own, is on your side.

The only true advocate you can have in your corner when filing a claim or seeking compensation through a personal injury lawsuit is an attorney who is obligated to fight for your best interests. An experienced attorney will be able to push back against low-ball settlement offers and put you in a better position to recover the compensation that you truly deserve.

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