May 29--Allstate floated the idea Thursday of someday selling the data that it collects from policyholders' connected cars.
"There are a lot of people monetizing data today," Tom Wilson, chairman and chief executive of the Northbrook-based insurer, said at the Sanford C. Bernstein Strategic Decisions Conference.
Searching on Google, for example, "seems like it's free, but it's not free," he said. "You're giving them your information, and they sell your information."
Allstate is among insurance companies that have introduced voluntary programs in recent years in which policyholders can have their driving monitored in exchange for potential discounts.
"Could we, should we, sell this information we get from people driving around to various people and capture some additional profit and, perhaps, give a better value proposition to our customers that we're not giving today?" Wilson asked.
Separately, he also noted that, in response to the rising cost of claims, Allstate rate increases in April exceeded those for the entire first quarter.
byerak@tribpub.com
