An overwhelming majority of Hong Kong and Greater Bay Area (GBA) insurance policyholders are willing to share more personal data with insurers to benefit from better, more personalized products, according to a new survey.
Management consultancy Capco’s latest survey found that 94% of Hong Kong residents and 90% in the GBA said that they were willing to share additional personal data. Securing more personalized services and offerings is the leading motivational factor behind these figures, with 55% in Hong Kong and 60% in the GBA.
Other motivations include enhanced claims processes (53% in Hong Kong) and enhanced authentication processes (54% in GBA). Cheaper premiums were also a factor of note for both Hong Kong and GBA respondents.
Capco’s survey polled 1,000 residents each in Hong Kong and the GBA between ages 18 and 65, questioning them on their attitudes towards insurers, preferred purchasing channels, decision drivers, and their claims process experiences, in addition to their willingness to share personal data.
Premium prices still decide insurance purchases for most as the study found that 39% in Hong Kong and 36% in the GBA said that they decide based on its affordability. Eight in 10 across both areas also said that they want more personalized long-term savings products like investment-linked insurance, annuities and endowments, life products, and health products.
A majority also value the convenience offered by insurance apps and want them to be expanded for a better range of tasks. Some top suggestions include lifestyle recommendations (68% in Hong Kong, 74% in GBA) and shopping for complementary products (63% in Hong Kong, 73% in GBA). Mental health coaching is also of interest to app users across both areas.
When it came to claims, a vast majority agree that their experience has been satisfactory thus far. 88% in Hong Kong and 92% in GBA said that they were satisfied with how their claims have been handled. On the other end, respondents who answered ‘less than satisfied’ said that the top issues were too much paperwork, slow payouts, and slow response from the insurer.
“Insurers need to respond to customers’ demands for greater personalization, choice and convenience if they are to remain relevant and win trust,” said Capco APAC insurance lead and partner Darren Pigg. “They must continue their drive to be more customer centric by designing flexible omnichannel journeys informed by analytics driven from internal and external data sets to interact with customers according to their preferences and to provide them with offerings that truly meet their evolving needs.”
Recently, Capco also announced a partnership with AXA Hong Kong and Macau to offer a new comprehensive climate-related risk management and reporting solution for financial institutions and other organizations.
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