92% of Hong Kong policyholders surveyed would share their data to receive a more personalized product or premium
High levels of confidence and brand loyalty and a desire for enhanced apps also highlighted in new consumer survey
HONG KONG, September 21, 2021 – Hong Kong consumers have a clear appetite for more personalized insurance offerings and tailored coverage, according to a new global survey from Capco, the global technology and management consultancy. Out of 1000 consumers surveyed, only 8% of policyholders said they would not share their personal data to achieve this; 47% of respondents would share data from a health or fitness test, while 41% would share data from smartwatches or other wearables.
There is a strong demand in Hong Kong for apps to provide a more integrated, holistic view across customers’ different insurance and financial products to deliver greater personalized insights. However, while Hong Kong consumers are warming to the idea of data sharing, 86% of policyholders surveyed wanted a better online experience from their insurance provider – the highest level recorded across all 13 countries polled in the survey.
Capco, a global technology and digital consultancy, surveyed 1000 Hong Kong consumers to gauge their impressions of insurance products and providers to capture public attitudes toward consumer insurance, the key products and services used, and emerging trends. The results form part of a larger survey of some 14,000 consumers across 13 markets globally.
Other key themes to emerge from the Hong Kong component of the survey include:
1. Trust and confidence in insurers running at high levels
2. Higher than average levels of brand loyalty and a focus on value
3. Post-pandemic, respondents are looking for enhanced cover
Emma Yang, APAC Insurance Lead at Capco, said:
“Our survey shows that customers want more personalized insurance experiences, yet few insurers are delivering this experience today. Consumers’ willingness to share their data in exchange for personalized offers or discounts presents opportunities for insurers to deliver more tangible and customized benefits to consumers. However, insurers must ensure greater transparency about the use of customer data to clearly outline its uses and benefits to the customers."
Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio comprising of over 100 global organizations, 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 Innovation Labs, and award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on Twitter, Facebook, YouTube, LinkedIn Instagram, and Xing.
The survey was conducted online in April and May 2021 and collected responses from 1000 Hong Kong individuals and a total of 13,798 respondents globally. The Hong Kong gender split was 45% male and 55% female. The markets surveyed were Hong Kong, China, Singapore, Thailand, Malaysia the UK, US, Canada, Brazil, Germany, Austria, Switzerland and Belgium. Country representative quotas were followed. Survey respondents were drawn from six age demographics: 18-24, 25-34, 35-44, 45-54, 55-64, and 65+. Globally, 49% of respondents identified as male, 50% identified as female, and 1% identified as other.