After Admiral Insurance quickly scuttled its attempt to leverage social media data to underwrite policies, the insurance industry appears farther away from being able to leverage certain big data sources and analytics in order to radically alter the customer onboarding process.
The UK insurer's firstcarquote initiative was aimed at younger drivers in the market, who traditionally have paid much higher rates for auto insurance. Previous attempts to get more accurate views of younger drivers have revolved around using telematics devices, and contributed to a small boom in usage-based insurance in the UK over the past few years.
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