7 / 28
5
Disrupt or be disrupted
|
The customer view: The customer impact must be considered, not least because they are the
ones providing the data. The essential question is, “What value or benefits must be offered
to customers to share such data?” The survey results make clear that executives believe
customers will share personally identifiable information (PII), provided the rewards outweigh
the risks, and that they have a sense of what consumers are looking for.
See Figure 3.
Accountability and added value are top priorities for customers, while accuracy and control
are less important, according to survey respondents. Beyond the protection of data,
customers are seeking clarity and confidence about how their data will be used, that it will
only be used for stipulated purposes and that they will yield some value (whether preferable
pricing, more convenience or value-adding features) for sharing it. Correcting errors in their
data or deleting data types scored significantly lower than these other concerns.
The bottom line is that insurance executives must ask themselves if the added value from
improved pricing and product features is greater than the risk associated with accountability,
control and protection of the data.
Figure 3:
Customers conditions for sharing their PII
Q7. What would it take for your customer to agree to the collection and use of their unique
information such as their activities or their product usage? [Select top three]. N=1,782.
Auditable assurances that data was used only for the
agreed upon intended purposes 38%
Accountability and
added value
Commitment to data protection both now and in the future 37%
Benefit improvements through pricing, convenience, safety,
offer relevancy or product features 36%
Fully transparent, declarations on how data will be stored
and used including for how long 35%
Ability to approve or deny the types of information
collected/used and make changes over time 28%
Needs to be legal and routine to provide their information 27%
Control
Ability to easily understand their information and
unllaterally correct errors 25%
Ability to permanently delete or mask information at end of
relationship 23%
I do not believe that our customers would share their data 5%