If you thought #caredata couldn't possibly get any worse, you were wrong: …http://wishfulthinkinginmedicaleducation.blogspot.co.uk/2014/02/politicians-badly-briefed-about-data.html … HT @amcunningham
@atm0spheric @amcunningham @ianmsyme @mellojonny They combine claims experience/use actuaries to achieve that anyway. This is stacking deck.
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@C7RKY@amcunningham@ianmsyme@mellojonny It is important that customer also knows risk factors. -
@atm0spheric@amcunningham@ianmsyme@mellojonny It is, but in this case, only 1 player gets to assess risk - public just get told the price -
@C7RKY@amcunningham@ianmsyme@mellojonny Others would say if all insurers have best data then market will ensure price reflects risk. -
@atm0spheric@amcunningham@ianmsyme@mellojonny Market? Let's remember it's financial svcs regulation we're talking about. Track record? -
@C7RKY@amcunningham@ianmsyme@mellojonny Yes! But leaving them with poor data won't tame that jungle! -
@atm0spheric@amcunningham@ianmsyme@mellojonny What poor data? Where's this poor data come from? They've plenty of their own, quality data -
@C7RKY@amcunningham@ianmsyme@mellojonny Shorthand. Perhaps it's more accurate to say less data or less well founded data. -
@atm0spheric@amcunningham@ianmsyme@mellojonny Yes. Less well-founded data, meaning they get it wrong slightly more often, thus paying out - 2 more replies
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@C7RKY@amcunningham@ianmsyme@mellojonny When nobody knows how the cards are stacked the two are playing poker. The company/bookie wins. -
@atm0spheric@amcunningham@ianmsyme@mellojonny But the company/bookie only wins more often if they know what the player's cards likely are
End of conversation
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