Artificial intelligence is increasingly being used by companies to set individualized prices, potentially costing loyal consumers more money.
Consumer advisor Clark Howard highlights that industries such as auto and homeowners insurance are using AI and consumer data to determine pricing based on individual profiles.
“There’s been so much buzz lately about companies targeting down to you and I as an individual and setting prices based on us using past data, AI, you name it,” said Clark Howard.
Howard explains that companies may charge more to consumers who are perceived as loyal, compared to those who frequently shop around for better deals.
He advises consumers to clear their cache before shopping online and to use private browsing sessions to potentially find better deals.
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