Commercial Insurance: Strategies for Renewal by Financial Executives Research Foundation

By Financial Executives Research Foundation

This document analyzes present advertisement coverage industry stipulations and offers concepts for renewing advertisement policies.

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This is an important source of value. Indeed, as illustrated below, advertisers, credit institutions and insurance companies all use the same commercial information and cooperate in its generation. While different types of firms use the same information, the nature of the use is quite different. Credit agencies and insurance companies are interested in data about particular individuals. When an individual applies to buy insurance or borrow money, the insurer or lender wants to obtain data about that individual relevant to the insurance or credit decision.

This is discussed in more detail in Chapter 6. Market Failure and Consumer Harm 35 CONSUMER HARM? Even though commercial information markets do not appear to be subject to market failure, there could still be some incidence of consumer harm. It is, however, striking that, with all the concerns about privacy and the proposals to regulate, there is no real evidence of harm from the legitimate commercial use of information. In an economy with over 280 million persons, many of whom transact frequently on the Internet, unusual events will occur.

First, once information is produced, the marginal cost of additional uses is close to zero. Credit bureaus, insurance companies, advertisers, direct sellers, and others can all use the same information at little additional cost and without any reduction in its value. (Of course, use of the same information by direct competitors may well reduce its value to each of them). Indeed, the various information users cooperate in generating this information because they all find it useful. This multiple use increases value and is a real benefit of an information economy.

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