Consumers globally showed strong support for personalized insurance premiums, with 64 per cent interested in receiving adjusted car insurance premiums based on safe driving and 52 per cent in exchange for life insurance premiums tied to a healthy lifestyle. Four in five consumers (79 per cent) would provide personal data, including income, location and lifestyle habits, to their insurer if they believe it would help reduce the possibility of injury or loss.
In banking, 81 per cent of consumers would be willing to share income, location and lifestyle habit data for rapid loan approval, and 76 per cent would do so to receive personalized offers based on their location, such as discounts from a retailer. Approximately two-fifths (42 per cent) of Canadian consumers specifically, want their bank to provide updates on how much money they have based on spending that month and 46 per cent want savings tips based on their spending habits.
Appetite for data sharing differs around the world
Appetite for sharing significant personal data with financial firms was highest in China, with 67 per cent of consumers there willing to share more data for personalized services. Half (50 per cent) of consumers in the U.S. said they were willing to share more data for personalized services, and in Europe — where the General Data Protection Regulation took effect in May — consumers were more skeptical. For instance, only 40 per cent of consumers in both the U.K. and Germany said they would be willing to share more data with banks and insurers in return for personalized services.
The full report can be downloaded at accenture.com/FSConsumerStudy2019
Accenture surveyed 47,000 respondents across 28 countries: Argentina, Australia, Belgium, Brazil, Canada, Chile, China (and Hong Kong), Colombia, France, Finland, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Peru, Netherlands, Singapore, South Africa, Spain, Sweden, Thailand, United Arab Emirates, the United Kingdom and the United States. Respondents were required to have a bank account and an insurance policy and covered multiple generations and income levels. The survey was conducted online during May and June 2018.
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