Canadian Underwriter

How to get Canadian policyholders to share their personal information

March 22, 2019   by Jason Contant

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Nearly half of Canadian consumers would be willing to share “significant personal information,” such as location data and lifestyle information, with their insurer or bank in exchange for lower pricing on products and services, according to a new report from Accenture.

Globally, more than half of consumers would share that data for benefits, including things such as personalized offers based on current location, more rapid loan approvals and discounts on gym memberships, the study found. Released Tuesday, the Financial Services Consumer Study was based on a survey of 47,000 consumers (including 2,000 in Canada) from 28 countries.

Respondents, which were across multiple generations and income levels, were required to have a bank account and an insurance policy.

While there was a willingness to share personal information, interestingly at the same time Canadian consumers believe privacy is paramount. Nearly three quarters (72%) surveyed said they were very cautious about the privacy of their personal data. In fact, data security breaches were the second-biggest concern for consumers, behind only increasing costs, when asked what would make them leave their bank or insurer.

“Canadian consumers are willing to sharing their personal data in instances where it makes their lives easier, but remain cautious of exactly how their information is being used,” said Robert Vokes, managing director of financial services at Accenture in Canada. “With this in mind, banks and insurers need to deliver hyper-relevant and highly convenient experience in order to remain relevant, retain trust and win customer loyalty in a digital economy.”

Globally, consumers showed strong support for personalized insurance premiums, with 4% interested in receiving adjusted car insurance premiums based on safe driving and 52% in exchange for life insurance premiums tied to a healthy lifestyle. Four in five consumers (79%) would provide personal data, including income, location and lifestyle habits, to their insurer if they believed it would help reduce the possibility of injury or loss.