Gen Z, Millennials Most Willing to Share Data for Tailored Policies
While the willingness to share data is there, the desire varies depending on the type of information being collected.
Nearly half (47%) of Gen Z and 40% of millennial policyholders are willing to share data from smart home devices with an insurance company to unlock personalized products and services, according to a survey by technology and management consultancy Capco.
The survey also revealed the top reason for not carrying insurance is due to the cost. In fact, the value proposition was the top decision-making factor when buying insurance across generations. However, Capco reported insurance companies could better reach uninsured people by leveraging this interest in sharing data in order to get more personalized policies.
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