In my last
blog I focused on the tribe way for financial products, this time my focus is
on the ego way of financial products.
The Nordic supermarket
chain Rema 1000 launched an insurance company some weeks ago. Their first
product is car insurance. The annual insurance fee is a result of how good a
driver you are. Every customer have different and individually tailor-made
annual fee based on their driving pattern. The company measures this by
installing a black-box in the car connected to the computer in the car. This
black-box register and stores your speed, you acceleration, your way of
breaking, your distance to the car in front of you (if you have a front camera),
etc. The black-box is connected to Internet and the insurance company. Codan and other Nordic insurance companies plan
to do the same shortly. Thomas Jacobsen
tell the newspaper DN that “I always try to get better score with the insurance
company, so I actually drives more carefully now than before”. The driver has
an app where he can follow the scoring day by day.
What if
your life insurance company calculate the annual policy fee based on you hart rate/pulse,
number of times per week you goes to the gym or does some hours of exercise outdoor
(estimated from the pulse), how much you sleep etc. all that information they
can get from a Polar, Garmin or any other fitness watch? This way you will pay
a 100 % personalized insurance fee.
What if your
bank calculate interest rate on you loan and mortgage based on your payment
history, where and when you do your payment, how frequent you post on Twitter,
Facebook, Instagram, etc. The interest you pay is not alone based on what type
of security/collateral you offer (house, flat, car,..) but how well you manage
you day to day finance.
Personalized Finance is here to stay, and is enabled by Internet of Things, Blockchain, the Value Web
and change in most consumers mind-set.
