Almost half of Canadians would share personal information with insurers to get lower pricing

By The IJ Staff | March 19 2019 11:30AM

Photo: Freepik

Nearly half of Canadian consumers are willing to share “significant” personal information, such as location data and lifestyle information, with their insurer or bank to get lower pricing on products and services, says a report from Accenture released March 19.

Accenture's global Financial Services Consumer Study is based on a survey of 47,000 consumers in 28 countries, including 2,000 Canadians. The study found that more than half of consumers would share that data for benefits including more-rapid loan approvals, discounts on gym memberships and personalized offers based on current location.

At the same time, Canadian consumers believe that privacy is paramount, with 72 per cent saying they are very cautious about the privacy of their personal data, notes Accenture’s study. 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.


Winning customer loyalty in a digital economy

"Canadian consumers are willing to sharing their personal data in instances where it makes their lives easier but remain cautious of exactly how their information is being used," said Robert Vokes, managing director of financial services at Accenture in Canada. "With this in mind, banks and insurers need to deliver hyper-relevant and highly convenient experience in order to remain relevant, retain trust and win customer loyalty in a digital economy."

Consumers globally showed strong support for personalized insurance premiums, with 64 per cent interested in receiving adjusted car insurance premiums based on safe driving and 52 per cent in exchange for life insurance premiums tied to a healthy lifestyle.

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