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I feel like you'd suffer heavily from adverse selection.

lobotryas 9y ago
You mean folks who already decided they will commit crimes and take out insurance for "free" money? That's a good point. This is where working with experienced actuaries to build risk models will be important. This idea would not be a tech startup per say. Just a good 'ol insurance policy with a shiny iOS app wrapper :)
- rplst8 9y ago
  Yeah, I could see this turning into a nightmare scenario where you waive privacy rights and carry a tracking device everywhere so they know you have an alibi. Sort of like how car insurance companies offer those plug in things to monitor your driving habits to lower your premium.
  - theseatoms 9y ago
    Has this already occurred? Has anyone been able to use their phone's location history for their alibi? The data exists. Isn't this what subpoenas are for?
    - jandrese 9y ago
      It's not the best alibi since your phone isn't physically attached to your body. Someone intending to commit a crime can easily drop their phone somewhere else to conceal their true location.
      - honestlyreally 9y ago
        That's quite a complex plan, especially if the phone in question is making http requests and taking calls.
    - nucleardog 9y ago
      I used my Google Location History as part of an alibi with the police (it never made it to the courts). My guess as to why that was successful despite the obvious flaws was: 1. The crime occurred in another city about 3 hours way, so poor granularity or precision really didn't come into play. 2. The crime itself was a hit and run on a road worker. Not something you'd generally believe to be premeditated where I'd have thought to have a friend haul my phone around town to provide an alibi.
joeax 9y ago
I don't see how it would be different than any other insurance product. If you're an established criminal no adjuster would recommend you be insured. Or maybe the premium would be astronomical, like thousands per month.

You mean folks who already decided they will commit crimes and take out insurance for "free" money? That's a good point. This is where working with experienced actuaries to build risk models will be important. This idea would not be a tech startup per say. Just a good 'ol insurance policy with a shiny iOS app wrapper :)

rplst8 9y ago
Yeah, I could see this turning into a nightmare scenario where you waive privacy rights and carry a tracking device everywhere so they know you have an alibi. Sort of like how car insurance companies offer those plug in things to monitor your driving habits to lower your premium.
- theseatoms 9y ago
  Has this already occurred? Has anyone been able to use their phone's location history for their alibi? The data exists. Isn't this what subpoenas are for?
  - jandrese 9y ago
    It's not the best alibi since your phone isn't physically attached to your body. Someone intending to commit a crime can easily drop their phone somewhere else to conceal their true location.
    - honestlyreally 9y ago
      That's quite a complex plan, especially if the phone in question is making http requests and taking calls.
  - nucleardog 9y ago
    I used my Google Location History as part of an alibi with the police (it never made it to the courts). My guess as to why that was successful despite the obvious flaws was: 1. The crime occurred in another city about 3 hours way, so poor granularity or precision really didn't come into play. 2. The crime itself was a hit and run on a road worker. Not something you'd generally believe to be premeditated where I'd have thought to have a friend haul my phone around town to provide an alibi.

joeax 9y ago

I don't see how it would be different than any other insurance product. If you're an established criminal no adjuster would recommend you be insured. Or maybe the premium would be astronomical, like thousands per month.