More than 8000 insurance customers around the world took part in the survey, Ukr Insurance reports. They answered several questions, such as: do the companies meet the expectations of the customers and whether they provide personalization using the technology of data collection, classification and analysis.
The study revealed that 44% of respondents welcome the use of third-party data obtained from social networks, in particular, from Facebook, if this will reduce insurance premiums. Such actions of the insurer are approved by 62% among people aged 18-34 years.
Geographically, Singaporeans (63%) and the United States (49%) are more open to personalization than those in the UK, where only 36% of respondents agreed to present their data in exchange for a reduction in the insurance premium.
"If such data becomes available to insurance companies through social networks, then the industry must agree with regulators to obtain customer consent to use additional data sources for personalized premium calculation. Those who cannot overcome this problem are risking to lose customer loyalty and fall behind more innovative insurance companies", the report said.
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