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:
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.