If this leads to lower premiums, consumers are willing to share their personal information with insurers, but they wonder if insurers can protect their data.
The number of consumers willing to share significant data about their health and lifestyle habits with their insurer in order to lower premiums has grown over the past two years, but their confidence in insurers to provide that data is, according to a report from a professional service provider. Accenture.
Based on a survey of more than 47,000 consumers worldwide, Accenture & # 39; s Worldwide consumer study on insurance looks at consumer preferences and insurance trends, building on similar reports from 2019 and 2017.
At a time when insurers are entering into technology-driven partnerships to improve customer wellbeing, about seven in ten consumers (69%) say they would share important data about their health, exercise and driving behavior in exchange for lower prices from their insurers. by 58% two years ago.
Additionally, two-thirds (66%) of consumers say they would also share important data for personalized services to prevent injury and loss – up from 54% in the 2019 report.
But as consumers are more willing to share personal data, their concerns about intrusiveness and its impact on premiums have grown. Their confidence in the ability of their insurers to take care of their data has also declined. For example, just under a third (32%) of consumers say they significantly trust insurers to take care of their data, up from 40% in the 2019 report.
"Consumers are embracing the trend of data-for-personalized pricing and want insurers to reward their efforts to improve their wellbeing, but it comes with a warning that trust is waning and they want to be in control of their data," said Kenneth Saldanha, who heads Accenture's global insurance group.
He said that insurers who create personalized insurance offers based on behavior need to be transparent and accountable with their customers' data for these partnerships to succeed. “To earn consumer trust, insurers need to demonstrate that the well-being of their customers is at the heart of their business,” said Saldaha.
The report also finds that insurers may need to reevaluate the role of human workers, especially as COVID-19 has accelerated the industry's adoption of digital insurance services. For example, the number of respondents over the age of 55 who said they would like to replace the traditional office claims process via internet chat and video insurance, increased by three percentage points to 71%.
The study suggests that consumers in general still trust human advisers more than digital touchpoints for certain services. For example, half (49%) of consumers trust a human advisor in an industry when making an insurance claim, while only 12% trust an automated digital service and only 7% trust a chatbot.
"Insurers still have a lot to do to fully address the new customer behavior resulting from the pandemic, including permanently raised expectations regarding digital experiences," said Todd Staehle, who leads the insurance group for Accenture Interactive.
He suggests insurers need to balance digital self-service options for simple problems and the human measure for more complex cases that require empathy or nuanced advice.
Accenture surveyed 47,810 respondents in 28 markets: Australia, Belgium, Brazil, Canada, China (including Hong Kong), Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom and United States. Respondents were required to have insurance policies and represented multiple demographic generations and income levels. The survey was conducted online in July and August 2020.
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