Insurance companies are getting increasingly personal and thanks to digitization they are proposing new tailor-made products. Two main applications can be found :
- Personalized health insurance
- Personalized car insurance
We have explored in recent articles the different aspects of such insurances (see for instance our article on black boxes in cars, or this article on the dangers of personalized health insurances) but hadn’t reported yet on market research results regarding consumers’ expectations in this matter. It was indeed striking to see that personalized behavior-based car insurance was a big success in Italy and a complete failure in Belgium.
A market research present Bjorn Erik Thon at the CPDP 2017 conference gives us some insights about the Norwegian market which seems to be very reluctant.
- 69% of respondents do NOT welcome personalized insurance
- 64% of respondents are NOT willing to trade their personal data for a better premium
- 72% don’t want their insurance company to play an active role in their health, for instance by monitoring their activity and sending them messages proactively
This result we reflect a consumers’ general concern about their privacy which is however depending on cultural aspects. Some countries tend indeed to be more conservative than others when it comes to privacy and we suggest that insurance companies be extremely cautious when promoting their new offers.
Image : ShutterstockTags: bank and insurance, big data, consumer behavior