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Why insurers want your data

Many people have better things to do than fill in forms for the government, bank or insurer. But what if you didn’t have to give personal information because your insurer already has the answer? This is why green slip insurers would like access to your up to date data.

Insurers are pushing for mental health data and driving records to help them manage their risks. Of course, access to private information could potentially drive premiums down, but it could also push premiums up for riskier drivers.

Then there are privacy concerns. Roads and Maritime Services (RMS) knows when you get demerit points for speeding or drink driving, but does not share that information. In fact, an RMS spokesperson said one unnamed insurer asks about demerit points but receives only a yes/no answer.

Insurers are talking to the regulator about access to up to date personal information so you and your insurer are better informed.

Data analytics

Some motorists may be less worried about privacy if personal information is collected for a good purpose.

For example, State Insurance Regulatory Authority (SIRA) uses the government Data Analytics Centre to pick up patterns in fraudulent green slip claims. SIRA looks for:

  • Lawyers who lodge lots of claims verified by the same medical professionals
  • Clusters of claimants in one area
  • Batches of claims lodged months or years after the accident
  • Several members of the same family making similar claims to different CTP providers.

Strike Force Raven police recently identified several sources of organised fraudulent CTP claims in Sydney. They have asked the public for any further information about green slip fraud.

Telematics

Data collection is increasingly common, not only in business, but within the vehicles you drive. For example, telematics is the science of gathering and passing on information from car to manufacturer. This may include, for example, destination, speed, and engine performance.

Many motorists do not even realise this is happening.

Australian Automobile Association website, My Car My Data, invites 24 car manufacturers to put up their telematics policies. Only 8 carmakers have contributed so far, including GM Holden, Mitsubishi, Subaru and Volkswagen.

Using your information

Thanks to these companies, you know how information collected by your vehicle is handled. It is likely insurers will get permission to collect more information about your driving to help them set fairer premiums.

Next time you need a green slip, go to the greenslips.com.au calculator to find the cheapest greenslip insurer for your vehicle and details.

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