6-Jun-2018

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InsuredMine Puts Our User’s PRIVACY First, Servicing Second, and Monetization Last!

The recent Facebook/Cambridge Analytica debacle is a stark reminder of the fluid flow of personal information between the apps and their connectedness to major social media sites such as Facebook. As the proud creators of the InsuredMine app, we want to discuss and inform you of the steps we are taking to not only keep your data safe, but ensure its use only benefits you, and not some foreign government’s attempt to fool any of us!

InsuredMine is a groundbreaking new app relying on the user’s social media activity to trigger actions by the user’s insurance agent. The insurance agent’s actions safeguard user’s possessions and guarantees user’s indemnification when these actions cause liability to others. Simultaneously, the user is informed of the insurance needs and risks caused by his actions. This true partnership between the user and the insurance agent results in more timely and comprehensive protection than has ever before been possible.

How would a social media trigger occur? An example might be the purchase of a shiny new vehicle. Are you aware you must contact your agent within 30 days after purchase to maintain protections such as Comprehensive (theft, fire, etc.) and Collision (car accident, etc.) coverages? No? Did you just assume your new car is covered; after all, you are PAYING for insurance on the previously insured vehicle? So what’s the problem? In fact, nearly all auto insurance contracts require a 30-day notice for coverage to be effective. Not knowing that simple fact could really be costly!

Need another example? Let’s say you save up the courage – and cash – to gift your significant other the ‘big rock’ as a symbol of taking your romantic relationship to the next level. Is it possible that the romantic excitement of that moment might not lend itself to an immediate consideration if the diamond is somehow stolen or lost? We hope not, but if it is protected with insurance, the heartbreak of losing the gift is substantially reduced. So maybe you NEED a reminder? Well, InsuredMine to the rescue! Ask yourself, how likely will your Facebook, Instagram, and/or Twitter friends know about your new ride or your romantic gift before your insurance agent? Um, pretty likely, right?! But imagine, WITH YOUR PERMISSION, and with complete transparency, and with immediate notice to you and your agent, the InsuredMine app using social media derived data, key words and brilliant machine learning will identify that new car purchase or the new ring, and remind you of the need for action and prompt you to contact your agent! Pretty slick. Isn’t it? That’s what we thought.

Our Goals-Simple yet Sophisticated

The goal of InsuredMine is to provide the peace of mind that comes from NOT having to read the multipage, densely-typed insurance policy, and then to remember each provision! We all hate loopholes, and not making informed decisions. It doesn’t appear that insurance policies are going to get any more easy to read, understand, or remember. We also don’t think insurance companies are suddenly going to give up the loopholes they love that lower THEIR costs. So, it might be best to let InsuredMine’s smart capabilities handle it for you. We of course recognize the wonderful services agents provide every day to keep you safe; however, what you and the agent don’t know can certainly hurt YOU!

But back to PRIVACY and personal data use by apps and social media sites: obviously, the InsuredMine app will need to access your social media information. We take our data responsibilities seriously and all information will be encrypted, stored, and managed safely by InsuredMine, (and never sold to anyone else nor provided to anyone else other than your agent). We understand and recognize that these promised safeguards are often not effectively implemented by multiple apps; but be rest assured that InsuredMine is the exception. Our intention is to fulfill these promises we make.

But is that enough?

Probably not. Everyone is getting a little cynical about such promises as even the NSA can’t prevent being hacked! So InsuredMine’s solution is to provide you with a CHOICE as to what is monitored from your social media usage. For instance, Facebook permits our accessing “events”. These events can be a “goldMine” (hah!, see what we did there?) of insurance related information allowing for the appropriate servicing of your insurance needs (even ones you don’t realize you have!).

Choices we Provide, Challenges we Reduce

So, what the InsuredMine app will permit you to do is select what information InsuredMine can access from the social media platforms you most use. How many apps give you that choice? Alternatively, should you want more thorough monitoring, (the Facebook app may not catch events adequately), you can give the InsuredMine app permission to access keywords proven  to relate to insurance events in the content of comments, photo commentary, etc. This more extensive monitoring will help ensure you are fully protected. But regardless, the choice is YOURS. And, these choices will be made when downloading the app, not hidden in obtuse settings. Also, you can always change your preferences anytime.

So what do you think? Would you benefit from an encyclopedic understanding of insurance policies, laws, underwriting rules, and (Gulp!) pricing rules that you personally don’t have to spend a second of time learning about, along with real-time notice to your trusted agent that you need additional help? Or…would you rather just hope things work out for the best?

But wait, let’s get back to that “monetization” bit we earlier so briefly mentioned. Somebody always makes more money than us. So when they purchase a new car or a fancy piece of jewelry, they can be perceived as being rich, (and ripe for being sued as well!) Those are situations when more premium is likely paid to an insurance company, and the insurance company and the agent profit out of that. But remember, InsuredMine doesn’t profit from clients’ wealth. We make our money selling the app and its services to agents and to you. That’s it.

It is also equally important to know that with time, the value of some commodities (like cars) go down. As your prized possessions start losing their value, your insurance needs also change; your premiums may get cheaper and are no longer benefited by low deductibles or physical damage coverage. Wouldn’t that be a nice thing to know? InsuredMine will promptly remind you of that as well.

The InsuredMine Difference

InsuredMine is more than just a convenient app permitting you to review all of your insurance coverage in one place. It is an active partner in keeping you and your loved ones as protected as the complex insurance provisions found in America allow for. It is a reminder to your agent to review your coverage and keep it up-to-date. Essentially, it is peace of mind that you’re covered. Let InsuredMine help you have that peace of mind along with a sense of control over YOUR data that most apps don’t provide or only add as an afterthought in some sub-menu deep in the hard-to-find settings. We are proud of the service InsuredMine provides, and look forward to servicing your needs in partnership with your insurance agent!

Sridevi Talluri

Sridevi Talluri

Contributing Writer/Editor at InsuredMine
Sridevi has been with InsuredMine since its launch and writes about InsuredMine on several platforms including social media, blogs, and web. She strongly believes development of content is the beginning of all communication. She holds a graduate degree in biological sciences from an Indian university.
Sridevi Talluri

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