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Submission + - Privacy in an asymmetric market (totalinvestor.co.uk)

Strudelkugel writes: An insurance company will discount insurance premiums for drivers who volunteer to have their driving habits monitored. Insurance is an asymmetric market. The insurer does not really know how the insured will drive, so the actuaries assume the worst. But by adding the black box, the insured can get a discount by providing the insurer with more information. But that also includes privacy, the future value of which might be quite high:

Young Marmalade MD Crispin Moger states that they offer low-cost insurance packages because, “Young Marmalade buys many new cars and receives assistance from manufacturers, which is passed on to young drivers as Cash back. For example on the best seller Vauxhall Corsa 1.2 SXi 3 door, the Cash back on that model is £3,558 and can help pay off your first year of car insurance.” Fortunately, when you purchase a low-powered car from Young Marmalade, the free installation of a black box can cut your insurance premiums into half. By monitoring the driving behaviour such as acceleration, braking, what time of the day the car was driven and at what speed, Young Marmalade provides affordable telematic insurance premiums.

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