Insights in Five:
Getting Up Close and Personal with Insurance What do consumers expect from their insurance companies these days? Options. Personalization is increasingly dominating desire across all industries, and insurance is no different. But how far are consumers willing to go to get personalized insurance?
We used the Suzy platform to find out. Suzy is an end-to-end market research platform that can enable you to dive deeper with your ever-changing consumer. Let’s see what they had to say.
38% of consumers say their insurance is too expensive.
50% of respondents are interested in personalized insurance.
Personalized insurance can help with that. By creating tailored plans based on a user’s data, insurance companies can offer savings to consumers by covering only what they need.
38%
50%
The top types of personalized insurance consumers are willing to buy are: Life Insurance
38%
Home Insurance
45%
Health Insurance
55%
Auto Insurance
65%
What appeals to consumers about personalized insurance? Cost Clarity
51%
Pricing Quotes Based on Their Lifestyle
52%
Coverage Clarity
52%
Reduced Premium Costs
56%
Flexibility
56%
Cost reduction, savings, and understanding are some of the top reasons why personalized insurance appeals to consumers.
The types of data consumers are willing to trade are:
66% Demographic Information
43% Health Data
38% Telematic Data
32% Social Media Activity
42%
36%
Purchase Data
Mobile-App Data
57% Location Data
86% of consumers are willing to trade their data for a personalized insurance plan, with nearly a third (27%) saying they are “very willing”.
Key Takeaways Quick and Simple Insurance Engines
More Brand Transparency
More Value and Consumer Savings
Many people find insurance difficult to navigate and hardly enjoyable. Build a personalized insurance engine that enables quicker and simpler interaction and ensures each customer gets the most suitable product in line with his or her individual needs.
Consumers are willing to trade their data, if your brand is willing to provide more transparency. Make it easy for them to understand pricing & coverage for all products, so that they can make the best decision based on their use cases.
As consumers face more and more pressure from inflation, there is an increased need to help them get more value and save money from their insurance programs.
BOTTOM LINE: Consumers are willing to trade their data if it will save them money.
Meet Suzy™ Suzy™ is an end-to-end market research tool that combines quantitative and qualitative research in one platform. Whether you’re a novice or an expert researcher, Suzy™ helps you make better, faster, more data-driven decisions. Our platform combines advanced research tools with the highest quality audience to deliver trusted insights in minutes.
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