Insurance premiums also fund salaries, bonuses, massive ad campaigns, high end office leases, and more.
If we just had a simple common slush fund (like amongst a large family self-insuring), our insurance would be far cheaper. The data harvesting boosts profitability but does not necessarily equal lower premiums.
>A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums.
If we just had a simple common slush fund (like amongst a large family self-insuring), our insurance would be far cheaper. The data harvesting boosts profitability but does not necessarily equal lower premiums.