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Data Sharing & Insurance

Posted By Administration, Tuesday, March 26, 2019

 

California has a new data sharing law called the California Consumer Privacy Act. It goes into effect next year and places heavy restrictions on how companies can share the data they gather about you and what they need to tell you about what they’ve collected.

Congress is looking at a similar law to apply to the entire country.

Companies like Google, Apple, Facebook and others oppose what Congress is doing and what California has already done. They say the benefits of what is practically free access to the Internet or to other services they provide outweigh what is done with the data. If more restrictions are placed, then people will have to pay more for those services.

Maybe a lot, lot more.

So what do consumers think about the whole thing? Not as much as regulators think. Or says a new study from Accenture. Its Global Financial Services Consumer Study said that 60% of us are okay with sharing location data and our lifestyle information. Anything to keep the price of those services down.

Over half say they’d share their data for benefits like faster loan approval and personalized offers on things like gym memberships and more. For us — insurance professionals — we find consumers are interested in premiums that are personalized for them and with pay as you go insurance.

Here’s what the study of the opinions of 47,000 people had to say:

  64% are interested in adjusted car insurance premiums based on safe driving

  52% are interested in exchanging lower life insurance premiums for sharing data on their lifestyle

  60% like pay as you drive auto insurance where the less you drive, the lower the rate

  81% are willing to share income, location and lifestyle habits for the rapid approval of a loan

  57% like the idea of savings tips based on spending habits

Who is the most and least willing to share data depends on where you are:

  67% of the Chinese surveyed don’t mind personal data sharing

  50% of people in the U.S. don’t mind data sharing

  In the U.K. and Germany that figure is 40%

Meanwhile, the privacy management company TrustArc says 86% of the companies working in California aren’t ready for the California Consumer Privacy Act. Spokesman Chris Babel said complex tools are needed to identify the data collected, organize it and give consumers easy access to what data they company has belonging to them.

“It’s expensive, time-consuming, and difficult,” Babel said. “And there’s a host of things people are looking toward to help.”

Source links: Digital Insurance, Fortune

Tags:  data sharing  insurance content  Insurance News  Weekly Industry News 

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