Cybersecurity a growing concern
Photo by Wright Studio/Shutterstock
In the age of weighing personal privacy, especially health information, with getting a better deal, a new survey of insurance consumers show many are willing to spill the beans if it means getting a significant discount – and if their data is kept securely. The survey also shows that more folks are willing to share their personal health and lifestyle information, yet fewer trust their insurance companies to keep it safe.
Accenture’s Global Insurance Consumer Study surveyed more than 47,000 consumers around the world. The survey shows that about 7 out of 10 (69%) consumers would share significant data on their health, exercise and driving habits in exchange for lower prices from their insurers, an increase of 19% from two years ago. But they show no increased willingness to share data without an incentive.
While more may be willing to share their personal information, there’s growing concern about how intrusive companies that hold that data may become in their personal lives. And there’s worry about cybersecurity: under a third (32%) of consumers say they significantly trust their carriers to safely hold their data, down from 40% in Accenture’s 2019 report.
The report has some other interesting insight, including trust in humans vs. technology in submitting claims and expectations about personal habits. For example, 29% of drivers expect to drive less in the long-term than they did before the coronavirus pandemic.
LMA Newsletter of 2-1-21
