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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.

“While the pandemic pushed many insurers to make strides in how they digitally engage with customers, our research shows that there’s still plenty of work to be done,” said Ernst Renner, partner and U.S. head of insurance at Capco. (Credit: TippaPatt) “While the pandemic pushed many insurers to make strides in how they digitally engage with customers, our research shows that there’s still plenty of work to be done,” said Ernst Renner, partner and U.S. head of insurance at Capco. (Credit: TippaPatt)

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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Steve Hallo

Steve Hallo

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

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