Categories: FinanceNews

Positive Twitter Posts May Reduce Your Insurance Bill In The Future

Big data is one of those fintech trends that leaves a lot of people puzzled. Most companies and individuals have no idea what big data even is or how it can be used to improve their daily lives. But the insurance sector, which is also keen on blockchain technology, sees big data as a way to lower yearly contract rates (that is, when people are very vocal on Twitter).

Finally A Proper Use Case For Twitter?

As great a social platform as Twitter is, the viability of this platform has been questioned more than once. No one is exactly sure as to what the purpose of Twitter is in the grand scheme of things. Insurance Companies see the platform as a big data

treasure trove, which may help them reduce monthly insurance bills in the long run.

As strange as it may sound, researchers believe that there is a direct correlation between positive Twitter posts and a reduced risk of heart disease. Although this research seems to raise more questions than answers right now, it is an option well worth exploring. Insurance providers could use this research to price premiums for individuals who show signs of negativity on the social platform.

While it is true that insurance rates could–and perhaps should– become cheaper as we develop new technologies, this correlation will strike a lot of people as “odd.” Then again, sentiment analysis is a rather new field, which has not been explored by too many researchers just yet. Big data and artificial intelligence can use this data to make predictive models, which will become more accurate over time.



Related Post

At the same time, this research will lead to a lot of discussion among privacy advocates. Although every piece of information shared on Twitter is public by default, some experts worry over the erosion of customer privacy. Moreover, this approach could lead to the undermining of the core principle of insurance, which is sharing risk.

To put things into perspective, combining Twitter monitoring with big data in the insurance sector could have its perks. Users could be rewarded or penalized based on their lifestyles, which translates to lower or higher insurance bills. Making healthy choices will result in potential rewards, which could go as far as cash back or even social discounts.

Unfortunately, monitoring Twitter is still a limited approach to making insurance more affordable. Many people do not use the social platform right now, nor do they have any inclination to do so in the future. Specific regions in the world face censorship, meaning that the government can filter out the messages they deem “inappropriate.” That would have a significant impact on these new insurance models as well.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

52 mins ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

55 mins ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

60 mins ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

1 hour ago

$ELIZA Token Launch Marred By Insider Trading Allegations

The launch of $ELIZA, a token introduced by Andreessen Horowitz (a16z) partner @shawmakesmagic, has sparked…

1 hour ago

Cardano’s Rally Highlights Diverging Moves Among Investors

Cardano ($ADA) has been making waves in the crypto market, breaking away from the altcoin…

1 hour ago