Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2019
03

Most customers would swap personal data for cheap financial services

Open-access content Friday 15th March 2019 — updated 5.50pm, Wednesday 29th April 2020

Nearly six in 10 consumers would share “significant personal information” with their bank and insurer in return for cheaper services and products, a worldwide survey has found.

2


And insurance customers are among the most keen, with four in five willing to share income, location and lifestyle data if it helps reduce the chance of injury or loss.

Almost two-thirds would be interested in personalised car insurance premiums based on safe driving, while more than half are keen on life insurance tied to healthy lifestyles.

"Financial firms have a huge responsibility to maintain their role as trusted custodians of data," said, Bruce Holley, senior managing director at Accenture, which carried out the research.

"Banks and insurers that don't seize the opportunity to build on this trust and improve customer experiences risk becoming lost in the plumbing of payments or compensating claims."

Around 47,000 consumers in 28 markets responded to Accenture's survey, which found that China has the largest appetite for sharing personal data with financial firms.

A huge 67% of consumers in the country said they would be willing to share more data for personalised services, compared with 50% in the US, and 40% in the UK.

However, three-quarters of the total survey respondents said they are "very cautious" about the privacy of personal data.

In fact, data security breaches were the second-biggest concern for consumers, behind only increasing costs, when asked what would make them leave their bank or insurer.

It was also found that more than half would share personal data for benefits like rapid loan approvals, gym discounts and personalised offers based on current locations.

"Consumers share data to make their lives easier, or more interconnected, and this is extending to how we manage our finances," said Accenture senior managing director, Piercarlo Gera.

"Banks and insurers should tread cautiously, ensuring they fully understand their customers by providing relevant, in-the-moment offers while continuing to safeguard data."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our March 2019 issue of The Actuary.
Click here to view this issue
Filed in
03
Topics
Technology

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ