People are willing to share personal data with their insurers, according to a new survey from Capco.
Globally, 72% of respondents said they would share some personal data with their insurer, but when disaggregated by gender, only 68% of women and 75% of men said they would share it. .
The Capco Insurance Survey 2021 was conducted online between April and May with responses from approximately 2,000 consumers in the United States as part of a larger survey that included nearly 14,000 people worldwide. The respondents came from 14 different countries and of varying ages between 18 and over 65.
In the United States, respondents have a general interest in using smart devices. About 50% said they were open to their use, but despite this and the general willingness to share data, respondents’ interest wanes depending on the device. Only 30% of respondents aged 25 to 44 would have a fitness or health test and 34% would wear a smartwatch or other wearable wireless technology.
Ernst Renner, Partner and US 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 callback number for a customer representative to contact them; they want the answers right away, so online systems (websites or apps) and call center operators need to be activated with the information for immediate answers. While the pandemic has prompted many insurers to make strides in the way they digitally engage with customers, our research shows that there is still a lot of work to be done. “
An even smaller number, 19% of policyholders surveyed in the United States, would put a black box in their car for more personalized insurance. However, consumers seem more open to devices that measure kilometers traveled in a car and to those that monitor potential water leaks or smoke in a home.
Matthew Hutchins, Global Head of Insurance at Capco, said in the report: “While it sometimes feels like a guarantee for tomorrow’s problems, insurance actually offers protection for the here and now. Technological innovation and digitalization provide insurers with the tools to make this truth more tangible, to the benefit of both parties in terms of depth, breadth and relevance of coverage.
The additional results of the survey are as follows:
- Value for money was the most important insurance decision factor for more than a third of respondents in the United States
- Almost half, 47%, of Gen Z policyholders in the United States are willing to share smart home data with insurers.
- Almost half of uninsured respondents in the United States say the premiums are too expensive to explain why they don’t have insurance.
- Globally, six in ten underwriters want a better online insurance experience.
- About a third of people surveyed around the world do not feel well informed about insurance.