People are willing to share personal data with their insurers, according to a new
Globally, 72% of respondents said they would share some personal data with their insurer but when broken down by gender, only 68% of women and 75% of men said they would share.
The Capco Insurance Survey 2021 was conducted online between April and May with responses from about 2,000 consumers in the U.S. a part of a larger survey that included nearly 14,000 people globally. Respondents were from 14 different countries and of various ages between 18 and over 65 years old.
In the U.S., respondents do have a general interest in using smart devices. About 50% said they were open to using them, but despite that and the general willingness to share data, respondents' interest dwindles depending on the device. Only 30% of respondents who were 25 to 44 years old would have a fitness or health test and 34% would wear a smartwatch or other wireless wearable technology.
Ernst Renner, partner and U.S. head of insurance at Capco, said in a statement: “The power of digitalization has increased the demand for immediate satisfaction. Consumers don’t want to submit information and wait for a decision or provide a call-back number for a customer representative to get back to them; they want the answers right away so online systems (websites or apps) and call center operators must be enabled with the information for immediate responses. While the pandemic pushed many insurers to make strides in how they digitally engage with customers, our research shows that there’s still plenty of work to be done.”
An even lower number, 19% of policyholder respondents in the U.S., would put a black box in their car to get more personalized insurance. However, consumers seem more open to devices that measure miles driven in a car and those that monitor potential water leaks or smoke in a home.
Matthew Hutchins, global insurance lead at Capco, said in the report: “Despite sometimes feeling like a safeguard for tomorrow’s problems, insurance is in reality offering protection for the here and now. Technological innovation and digitalization present insurers with the tools to make this truth more tangible, to the benefit of both sides in terms of the depth, breadth, and relevance of cover.”
Additional findings from the survey include the following:
- Value for money was the most important insurance decision factor for over a third of respondents in the U.S.
- Almost half, 47%, of Gen Z policyholders in the U.S. are willing to share smart home data with insurers.
- Nearly half of uninsured respondents in the U.S. report premiums being too expensive as to why they don’t have insurance.
- Globally, six out of 10 policyholder respondents want a better online insurance experience.
- About one-third of global respondents don't feel well informed about insurance.
