New Frontier: Data assets as huge reserve for economic growth
The United States became a large economy when millions were given land ownership rights. Now it is time to make privatisation of personal data. This move will drive global economy growth.
Moreover, this movement could stop China using billion chinese users data, without consent. It is like USSR felt when 300 million people have claimed for privatization.
Consider use case of insurance underwriting. Most insurance products are based on pricing the insurance with upfront available data. The holy grail within the industry is being able to cost-effectively allow for continuous underwriting, where you constantly learn more about your policyholders and adjust the risk profile accordingly.
There are 3 areas of innovation within the insurance industry:
Marketing — to reduce discovery cost, improve onboarding experience, and remove market intermediaries.
Underwriting — to perform more precise underwriting and offer more competitive and transparent pricing based on users data.
Product — cyber insurance and gig economy workforce coverage.
It is only one case how privatization of personal data can sweeping over the $5T USD insurance industry.
Claiming the ownership rights over the personal data of social media users is a new wealth that will restart the global economy. And the companies leading this will get growth drivers!
Consider the example of Health-Wealth platform by DAYS presented at Davos forum https://futurerating.blogspot.com/2019/01/days-ai-for-health-and-well-being.html
