In a new report, Mulesoft found both geographical and demographic disparities in insurance customers’ attitudes towards their personal data.
Globally, according to Consumer Connectivity Insights 2018, 44 per cent of customers said that they would be happy for insurers to utilise data garnered from social media companies and health monitoring apps, if it meant cheaper premiums in return. Those in Singapore and the US were the most comfortable with this transaction, with 63 per cent and 49 per cent of respondents from these regions respectively saying they would be happy to trade data for lower premiums. Those in the UK were least open to the idea, with only 36 per cent saying they would be willing.
Perhaps unsurprisingly, different age groups showed different levels of willingness to engage with the concept. Sixty-two per cent of those aged between 18 and 34 said they would be comfortable, while 45 per cent of those aged 35 to 54 and 27 per cent of those aged 55 and over said the same.
Speaking more generally about the provision of insurance, 46 per cent of global insurance customers said that applying for a policy should take no longer than an hour, while 56 per cent said that renewing a policy should take no longer than this. Many customers complained about inefficiency when it comes to insurers’ processes, with 30 per cent saying that at some point they had entirely given up on interacting with an insurer because of procedural frustrations.