“ Data is the driving force behind this real-time risk assessment , which is revolutionising the insurance industry ”
CHRIS ROYLES EMEA FIELD CTO , CLOUDERA
Do consumers trust their insurers enough to share data ? So consumers have more smart devices in their home than ever . But are they actually willing to share data from those devices with their insurers ? It all comes down to incentivisation and trust .
Let ’ s start with incentivisation : according to market research company GlobalData , nearly 40 % of consumers would grant insurers greater access to their smart devices if it meant getting something in return . The most popular incentive was , for obvious reasons , financial discounts on their insurance ( 65 %), followed by helping to protect their home ( 51 %).
In a cost-of-living crisis , sharing permissions with your insurer to help reduce the cost of your premiums is something that will inevitably appeal to cash-strapped consumers – but equally , some consumers will choose to de-prioritise insurance cover entirely , a much more pressing concern for insurers .
What about trust ? Separate research from GlobalData , published in March , suggests that consumers are losing trust in
70 May 2023