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article imageAre you happy with digital spying for reduced insurance prices?

By Tim Sandle     Jun 21, 2018 in Business
It's a simple question: would you be willing to have technology that collects data about you and what you do in return for lower insurance rates? The younger you are the more likely, it seems, you are to say "yes".
This insight is gained from a new report released by MuleSoft (who provide a platform for building application networks). The report is called "Consumer Connectivity Insights 2018." A key finding is that some customers are open to insurance firms accessing their social media and Internet of Things data if this results in both an individualized service and lower insurance premiums.
For the report, as Insurance Business Magazine reports, MuleSoft surveyed around 8,000 consumers across several countries (notably U.K., U.S., Germany, Netherlands, Australia and Singapore).
The survey asked whether insurance companies were meeting customer expectations and if they provided a personalized experience. Here, as the Insurance Journal notes, there is a growing customer expectation for a connected, personalized experience across industries and geographies. The younger the customer, the more likely they are to exit is they are not happy with the service provided. For instance, younger consumers (defined as those 18-34 years old) indicated the least tolerance; and 76 percent of young people polled said that a disconnected experience with a company would make them seriously consider changing a service provider.
With the data privacy vs insurance premiums finding, with this younger group, 62 percent indicated that they would be unconcerned if insurers used third-party data from platforms like Facebook, fitness apps and smart-home devices to lower prices. A number of devices are being developed by insurtech and fintech startups. However, above this demographic the majority (56 percent) indicated they would not be happy with this level of data collection.
In related insurance and technology news, Digital Journal has undertaken a deep dive into the technological changes impacting on the insurance sector now and in the future. Our article focuses on the value of data analytics and improved means for data sharing, see: "Latest trends in digital insurance."
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