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Customers more willing to share personal data

About 72% of Australian consumers are open to providing personal data to insurers if it means a lower possibility of injury or loss, an Accenture study has found.

About 68% are interested in receiving adjusted car insurance premiums based on safe driving records.

The Global Financial Services Consumer Study is based on responses from 47,000 participants in 28 markets, including Australia, the US, China, Japan and the UK.

“It’s clear that, overall, Australian consumers are growing increasingly comfortable with digital banking and insurance services,” Accenture Financial Services Partner Alex Trott said.

“Creating seamless and valuable customer experiences through digital technologies should be a key focus for banks and insurers in strengthening their market position… [people] are also becoming increasingly aware of the value of their financial data, and are open to sharing this if there is a clear value proposition.

“However, data safety and security must be at the forefront, and full transparency on how consumer data is used will be paramount.”

In other findings, fewer than 50% of Australian consumers are keen to submit claims through internet-enabled chat or video, and 79% trust their main insurer with their data.