Respondents will share more personal data to improve products if insurers can deliver real benefits
Insurers also need to take account of deep-rooted customer imperatives such as value for money and a preference to purchase insurance through agents
MILAN, December 11, 2023 – Almost nine in 10 (88%) consumers polled in Capco’s 2023 survey of insurance policyholders in Italy will consider sharing additional personal data with insurers to gain a range of benefits, including cheaper premiums and more personalized services. This and other survey findings highlight an opportunity to leverage data and analytics to drive innovation around customers’ needs and to tailor products and services to more precisely meet their goals and expectations.
The survey, which polled 1,000 Italian policyholders between the ages of 18 and 65 years, found that seven in 10 respondents ‘strongly want’ or ‘would prefer’ more personalized products across a range of insurance policies. The most popular method for sharing additional data to gain more personalized products is via a black box in the customer’s vehicle (41%), followed by a smart device in their home (31%).
A majority of the policyholders surveyed (60%) continue to prefer purchasing insurance through representatives, emphasizing the importance for insurers of building seamless omnichannel experiences that leverage the strengths of both in-person and digital channels.
The survey report highlights key innovation trends and recommended paths forward for insurers looking to capitalize upon the opportunities – including differentiated customer experiences, more tailored products, and enhanced cross-selling – that flow from the positive attitudes towards data sharing captured by Capco’s consumer research.
Lance Levy, CEO of Capco, said: “Our survey reveals that in the Italian insurance market, customers prefer to buy insurance from representatives, and focus on value for money. In achieving this, most policyholders are willing to share personal data to obtain a more tailored range of products and services. Capturing this demand requires insurers to refocus their operating models and invest in modern digital platforms, automated processes, and superior data management.”
Paolo LaTorre, Italy Managing Partner and Insurance Lead, said: “Our results show there is a significant opportunity for insurers to apply digitalization and data-oriented investments to transform processes, improve value for money, and offer their customers a much more seamless and personalized experience. Insurers may need to invest in more modern data architectures and practices, particularly if they want to roll out AI/GenAI enhancements more effectively and safely. However, they can leverage their investments to develop innovative digital and data-led customer-centric products, distributed through new partnerships and distribution channels.”
Capco’s survey captures a broad range of consumer attitudes to insurance and insurers, including preferred purchasing channels, purchasing decision drivers, their views on the claims process and insurance apps, and their appetite for personalization and sharing personal data.
Other key findings in Capco’s Italy report include:
Respondents say they would be motivated to share additional personal data with insurers by gaining cheaper premiums (42%) and more personalized services (34%).
As well as a black box in their vehicle or a smart device in their home, respondents are willing to share additional data via a smart watch/wireless wearable (27%) or via a fitness or health test (21%).
When purchasing insurance, the two most important decision factors are value for money (58%) and the ability of the offer to meet the customer’s needs (37%).
When making an insurance claim, respondents tend to do so in person (50%).
Among respondents who have made a claim, a significant majority (81%) are satisfied with the process, though only 18% say they are ‘highly satisfied’.
Capco’s 2023 Italy insurance survey can be downloaded below. A number of other national market reports are also available. Capco’s latest global insurance survey was conducted during February and March 2023 and collected responses from 13,750 policyholders aged 18 to 65 years across Italy, Switzerland, Germany, Poland, Belgium, the UK, the US, Canada, Brazil, Hong Kong, Greater Bay Area (ex Hong Kong), Singapore, Thailand, and Malaysia.
Arnaldo Ragozzino, Twister Communications
Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.
Our 2023 Italy Insurance Survey captures responses from 1,000 policyholders. These survey findings inform insights and recommendations from Capco’s local insurance experts on the key roles of data and personalization.DOWNLOAD THE FULL REPORT