People believe insurers should use technology ethically
According to a survey conducted by Zelros of over 1,000 people across the US, Canada, and Europe, insurance companies using technology ethically is important to the majority of people at 96 per cent
There were no major differences between men and women’s opinions. Seventy-six per cent of 54+ year-olds found ethical technology usage to be very important.
The majority of people at 66.1 per cent indicate that this is very important to them, followed by 29.9 per cent of people indicating that it is somewhat important. People who indicated that this issue was not important to them constituted the smallest group, at four per cent.
Most people believe it is important that their insurance company uses technology ethically, securely and responsibly. About 66 per cent of women and 65.6 per cent of men think it is very important; and 30.3 per cent of women believe it is somewhat important and 3.3 per cent think it is not important. Around 29.4 per cent of men think it is somewhat important and five per cent believe it is not important.
All age groups surveyed said that ethical, secure, and responsible technology use by insurance companies is very important. Around 58 per cent of 18–24-year-olds, 65 per cent of 25-34-year-olds, 64.5 per cent of 35-44 year-olds, 66.8 per cent of 45-54 year-olds and 76 per cent of >54-year-olds found it to be very important.
Linh Ho, Chief Growth Officer at Zelros, said: “The insurance industry uses customer data from a variety of first- and third-party sources to then compile together to help them determine risk on policies.
“The technology and the artificial intelligence used during this process needs to be as sound, ethical, and unbiased as possible. Without placing importance in these areas, we could see an increase in unequal policy recommendations and potentially higher premiums across marginalized communities,” she added.