Insurance customers are far more open to sharing data than previously assumed by the industry

A recent survey conducted by Sollers Consulting and IPSOS revealed that insurance customers are far more open to sharing data than previously assumed by the industry.

According to the study, which included 3,800 insurance customers from the UK, France, Germany, and Poland, a sizeable majority of customers are open to sharing data in exchange for lower premiums.

The results of the survey show that almost one-third of insurance customers expressed a willingness to disclose information in exchange for premium discounts.

According to the survey, insurance customers are increasingly adopting digital insurance plans that call for sharing information about the devices they use.

34.5% of respondents said they would be willing to share information with their insurers to obtain more affordable plans in the face of pressures from inflation and a cost-of-living problem.

Out of the nations studied, Polish insurance customers showed the most willingness to share data in exchange for premium discounts, with 41.25% showing an interest in this possibility. Respondents from Germany (36%), the UK (32.75%), and France (26.75%) were not far behind, indicating a strong demand for data-driven insurance solutions throughout Europe.

With a remarkable acceptance percentage of 51%, on-demand insurance, which enables consumers to switch coverage on and off, stood out as the most popular. With a 50.25% approval percentage, usage-based insurance, such as pay-as-you-drive, was also highly appreciated.

The most popular and well-liked data-driven insurance alternative is car telematics, which records driving behavior using sensors in the car or smartphones.

Even while smart home insurance is less common, one-third of customers still show a lot of interest in it.

The adoption of data-driven strategies and a better understanding of individual risks are now possible for insurers, which will result in the creation of more affordable and specialized insurance solutions.

Experts predict that insurance companies will make investments in rebuilding their data architecture and creating new customer-centric solutions in the upcoming years in response to these evolving preferences.

The question that remains is what effect this will have on claims settlement and claims services in general.

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