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Let's make a deal: Personal data for lower premiums

While consumers are willing to reveal personal data for lower rates, their social media details are off the table.

The survey also revealed that more than one-third of consumers don’t feel well informed about insurance. This is leading some to go without coverage. More than a quarter (28%) of uninsured respondents say they are without coverage because of a lack of industry knowledge. (Credit: Shutterstock.com) The survey also revealed that more than one-third of consumers don’t feel well informed about insurance. This is leading some to go without coverage. More than a quarter (28%) of uninsured respondents say they are without coverage because of a lack of industry knowledge. (Credit: Shutterstock.com)

In exchange for lower insurance premiums, 72% of consumers would share some form of personal data, including health and home information, according to a survey by Capco. Younger consumers (18-24) are even more willing to share, as 87% say they would divulge their details for lower premiums.

In addition to health tests, which one-third of respondents would share, 29% would reveal details from their smartwatch, while 32% would share data from a smart home device.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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