More than half of consumers willing to release more robust data for insurance benefits

Nearly six in ten consumers are open to sharing location data and lifestyle information in exchange for decreased pricing in financial products and services.

That's according to Accenture’s Global Financial Services Consumer Study, released this week and based on a survey of 47,000 consumers worldwide,

More than half of consumers would share their data for benefits like more rapid loan approvals, personalized offers based on current locations and gym memberships. The study also revealed consumers are interested in personalized premiums and pay as you go in insurance.

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A pedestrian uses an Apple Inc. iPhone in San Francisco, California, U.S., on Thursday, August 2, 2018. Apple Inc. shares climbed 3 percent on Thursday, pushing it above $1 trillion in market capitalization, the first U.S. company to reach the milestone. Photographer: David Paul Morris/Bloomberg

Further statistics show:

  • 81 percent of consumers would be willing to share income, location and lifestyle habit data for rapid loan approval
  • 57 percent want savings tips based on their spending habits
  • 64 percent of consumers are interested in receiving adjusted car insurance premiums based on safe driving
  • 52 percent in exchange for life insurance premiums tied to a healthy lifestyle
  • 60 percent would take pay-as-you-drive auto insurance where the less you drive, the less you pay

Though many consumers are interested in moving forward using extended personal information, that has to be balanced with privacy, according to Jean-Francois Gasc, Insurance Strategy lead for France & Benelux and Europe Insurance Distribution at Accenture shared.

"You need to have the right trust dynamic -- the more data the you have to personalize the better, but you have to ask for permission," he says.

Piercarlo Gera, senior director managing director in Accenture’s Financial Service practice adds, “Although consumers want banks and insurers to use their data to play an active role in improving their lives, banks should tread cautiously, ensuring they fully understand their customers by providing relevant, in-the-moment offers while continuing to safeguard consumer data. This is a call for banks and insurers to see their customers as people with needs beyond their bank accounts and premiums.”

The urge to share data differs depending on region. China is the highest, with 67 percent of consumers interested in more personalized data sharing. Half of U.S consumers are willing to, while 40 percent of consumers in both the U.K. and Germany said they’d be willing to share more data with banks and insurers in return for personalized services.

“In Europe, where open banking regulations compel banks to share data with third parties, customers are much more reluctant to share their data,” Gera says, “We are still in the early stages of Europe’s burgeoning Open Banking revolution, and I expect consumer attitudes there to evolve as banks invest in and offer more relevant services.”

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