KUALA LUMPUR, Oct 12 — Capco’s 2023 Malaysian survey of insurance policyholders revealed that 92 per cent of consumers polled would consider sharing additional personal data with insurers to gain a range of benefits, with the strongest motivations being more personalised services and enhanced claims processes.
According to a statement, this and other findings highlight a clear opportunity to leverage data and analytics to drive innovation around customers’ needs, and to help close Malaysia’s protection gap among the underinsured and uninsured.
Capco’s survey also reveals positive customer sentiment towards more personalised insurance, with at least seven in 10 policyholders say they ‘strongly want’ or ‘would prefer’ more personalised products.
Over half of respondents say they would be motivated to share additional personal data by gaining more personalised services (56 per cent) and enhancing the claims process (52 per cent).
Many are willing to share data via fitness or health tests (51 per cent), smart watch or wireless wearables (41 per cent), and smart devices in the home (40 per cent), with insurance apps used for a wide range of tasks, from monitoring policies (89 per cent of app users) to accessing recommendations on improving lifestyles (67 per cent).
However, almost three-quarters of the 1,000 policyholders Capco surveyed (72 per cent) prefer to purchase insurance through representatives, highlighting the importance for many incumbent insurers of building seamless omnichannel experiences that retain the personal touch.
When purchasing insurance products, Malaysian policyholders key decision factors are affordable premiums (46 per cent); followed by the ability of the insurance offer to meet the customer’s needs (38 per cent); and value for money (37 per cent).
Meanwhile, when choosing an insurance provider, speed of services is the top priority (51 per cent), followed by the insurer’s reputation (43 per cent).
The survey polled a representative sample of Malaysian policyholders between 18 and 65 years old to capture consumer attitudes to insurance and insurers, including preferred purchasing channels, decision drivers, their views on the claims process and insurance apps, as well as their appetite for personalisation and sharing personal data.
The associated report recommends paths forward for insurers looking to capitalise upon the opportunities that flow from the positive attitudes towards data sharing survey captures, including differentiated customer experiences, more tailored products and enhanced cross-selling.
— Bernama
