New York Regulators Allow Use of Social Media Data For Insurers

The New York Department of Financial Services is allowing life insurers to use nontraditional data in order to determine premium rates; the news comes with a caveat that the insurers must prove that it doesn’t discriminate against customers; New York is the first state to set guidance on how insurers can use alternative data for risk scoring; the regulator noted that this is an evolving area in insurance underwriting and that they wanted to get ahead of the problem and thus decided to create general principles now. Source

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