{"id":10917,"date":"2021-08-31T07:00:00","date_gmt":"2021-08-31T15:00:00","guid":{"rendered":"https:\/\/formtek.com\/blog\/?p=10917"},"modified":"2021-05-05T09:32:41","modified_gmt":"2021-05-05T17:32:41","slug":"artificial-intelligence-using-google-street-view-to-set-insurance-premiums","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/artificial-intelligence-using-google-street-view-to-set-insurance-premiums\/","title":{"rendered":"Artificial Intelligence: Using Google Street View to Set Insurance Premiums"},"content":{"rendered":"\n

Artificial Intelligence is good at identifying patterns. Researchers<\/a> recently used historical insurance claim information aver a ten year period and matched it to the characteristics of the policy owner’s home scraped from Google Street View, like the type of house, its age and condition. This information let the researchers build a model that had a fairly accurate estimate of the likelihood of the policy owner would file a claim. <\/p>\n\n\n\n

The model would give a much better predictor to insurance companies for charging auto insurance premiums.<\/p>\n\n\n\n

The study concluded \u201cthat features visible on a picture of a house can be predictive of car accident risk, independently from classically used variables such as age or zip code. This finding is not only a step towards more granular risk prediction models, but also illustrates a novel approach to social science, where the real-world granular data is collected and analyzed at scale.\u201d<\/p>\n\n\n\n

The Google Street Map predictive method was found to be 2 percent better than the state-of-the-art risk methodology that was being used by insurance companies.<\/p>\n\n\n\n

The research bring up questions of privacy. In Germany, for example, Google Street View is banned. If other industries like banks begin using this kind of data to improve their algorithms, it is likely that the discussion about privacy issues related to the capture, storage and use of data like Google Street View will become louder.<\/p>\n

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Artificial Intelligence is good at identifying patterns. Researchers recently used historical insurance claim information aver a ten year period and matched it to the characteristics of the policy owner’s home scraped from Google Street View, like the type of house,…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,97],"tags":[],"class_list":["post-10917","post","type-post","status-publish","format-standard","hentry","category-artificial-intelligence","category-privacy"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/10917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=10917"}],"version-history":[{"count":1,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/10917\/revisions"}],"predecessor-version":[{"id":10918,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/10917\/revisions\/10918"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=10917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=10917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=10917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}