Insurance shoppers are just as conflicted about privacy
as other consumers, judging by a new study conducted by Mike Brown, director of communications at insurance technology (insurtech) company Breeze.
On the one side, 56% say insurance
companies should not be allowed to use Big Data — i.e., personal daily health data, consumer purchases — to determine insurance pricing.
People ages 35-44 are most
likely to say yes to this, and those over 55+ to give an emphatic no.
But insurance shoppers are remarkably willing to provide information to insurers through regular tracking. For
instance:
- 55% would wear a biometric tracker such as a Fitbit to track their health and fitness.
- 52% would let a pet insurance company track their
pet’s activity and eating habits.
- 52% are willing to have a tracking device installed in their car to monitor driving activity & safety.
- 52% would be fine with a company monitoring their in-home equipment — i.e., their Nest thermostat and carbon monoxide reader.
- 51% would allow an insurance
company to monitor their pharmacy prescriptions & other medical adherence behaviors.
- 42% are fine with an insurance company accessing and analyzing their DNA
- 42% are agreeable to an insurance firm monitoring their personal activity and purchases (grocery receipts, gym activity, Amazon purchases, etc.).
- 34% are open to n
insurance company installing a camera in their home to monitor their everyday activity — say, eating and exercise habits.
- 34% don’t mind if an insurance company
monitoring their internet & social media activity.
Again, these findings depend on the age group. For instance, 89% of people ages 55+ oppose installation of a camera, as do
70% of those in the 18-24 cohort and 66% of those who are ages 45-54.
The report also states 85% would trust an established insurance carrier over a newer insurtech startup when shopping
for a policy. That includes 91% of those age 55+ and 82% of the 18-24 age group.
And, 53% would choose in an insurer with a completely online process that uses data to price policies
instead of an in-person medical exam.
Breeze surveyed 1,000 U.S. consumers, according to Brown.