Most millennials willing to let insurers mine their data for a premium discount, survey finds

A new survey reveals 9 percent of consumers, including most millennials, are willing to allow insurers to use their digital data from Facebook, fitness apps and smart home devices if it reduced their premiums by more than 50 percent, reports Bloomberg.

The findings come from a survey of 8,019 consumers globally. The survey, commissioned by Salesforce.com's MuleSoft in April, included 2,004 adults from the U.K.; 2,002 U.S. adults; 1,001 adults from Germany; 1,002 adults from the Netherlands; 1,010 adults from Australia; and 1,000 adults from Singapore.

The survey found 62 percent of people ages 18-34 and 45 percent of people ages 35-54 said they would be willing to allow this digital data use if it reduced their costs. Twenty-seven percent of people 55 or older said the same. 

Insurers are working to improve digital service for consumers, according to  Bloomberg. However, 58 percent of consumers said they believe insurance providers offer a disconnected experience. Additionally, 30 percent of consumers said they have given up on an activity or request such as filling out a form online because information-sharing was too challenging.

 

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