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Verizon Wireless and State Farm – Usage-Based Insurance: Tracking Your Driving Proves Profitable for Both | Stop the Cap!

Verizon Wireless and State Farm – Usage-Based Insurance: Tracking Your Driving Proves Profitable for Both | Stop the Cap! | Internet of Things | Scoop.it

Verizon Wireless sees enormous new revenue opportunities in the “machine to machine” applications business, using its LTE 4G wireless network to exchange data between you and the companies you do business with.

 

Fran Shammo, Verizon’s chief financial officer, noted that State Farm Insurance is just one example where your wireless carrier and insurance company will quietly collect data about your driving habits and share the information for marketing purposes and to micromanage your driving insurance rates based on your real driving habits.

 

State Farm Insurance recently signed an agreement with Verizon subsidiary Hughes Telematics, which today embeds microchips into vehicles that can communicate over Verizon’s nationwide wireless network. In the near future, State Farm Insurance customers’ driving habits will be automatically tracked by Verizon Wireless with certain data shared with the insurance company to personalize your auto insurance rates.

 

With the contracts signed, State Farm hopes to expand its Drive Safe & Save program nationwide later this year. It will be voluntary, for now, for customers driving OnStar-equipped vehicles from General Motors and Ford’s Sync system. Others can take part with Hughes’ In-Drive tracking device, installed by the customer. Customers choosing In-Drive will have to pay a monthly fee for the device ranging from $5-15 a month.

 

Wherever you go, Verizon Wireless and State Farm, among other insurers, will be watching and that bothers some privacy experts.

 

“It’s a slippery slope,” Paul Stephens, an official with the Privacy Rights Clearinghouse, told the Wall Street Journal. While insurers say they don’t track routes driven, Mr. Stephens fears that as programs expand and get more commonplace, insurers may wind up with “a very detailed log of your whereabouts throughout the day.”

 

A St. Louis Post-Dispatch reporter joined over 1.4 million other Progressive insurance customers driving with Snapshot — a competing drive tracking system. He concluded it felt like driving with a nanny.

 

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Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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Scientists and Postdocs at QCRI, Doha, Qatar

Scientists and Postdocs at QCRI, Doha, Qatar | Internet of Things | Scoop.it
Seeking talented scientists and software engineers at all levels to join our team and conduct world-class data mining and machine learning research focused on tackling large-scale computing challenges.
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How to learn to stop worrying and love machine learning | GigaOM Tech News

How to learn to stop worrying and love machine learning | GigaOM Tech News | Internet of Things | Scoop.it

By implementing algorithms that are able to learn from the data that they explore, machine learning technologies already outperform traditional analytics by far. (No wonder high-flying companies like Google, LinkedIn, Amazon and Pandora have built their businesses around it.)

 

The key is the ability of machines to independently assess patterns and outcomes across far wider data sets than traditional analytics tools ever could. This obviates the need for time-intensive manual processing, and allows companies to fully exploit data collection techniques, employ cheaper storage, computing power and distributed database technologies — all of which are vital in an era where data doubles every two years.

 

In spite of such advantages, the very notion of machine learning still tends to trigger primal fear and mistrust among those who see the removal of human analysis from the equation as the first step to their irrelevance. So when exploring the potential of implementing machine learning in a business, tread lightly. Here’s how:

 

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Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc
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Alliance can help agencies glean more insight from machine data - GCN.com

Alliance can help agencies glean more insight from machine data - GCN.com | Internet of Things | Scoop.it
Alliance can help agencies glean more insight from machine data GCN.com Pentaho, a provider of big data analytics and data integration software, has joined with Splunk to provide a platform that will let government and business users glean more...
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