Our Swiss survey respondents want greater personalization across all insurance products, and the vast majority are willing to share personal data to improve personalization, price and other factors. However, younger people are less inclined to buy direct from insurers, while higher income respondents are less interested in advice. Such attitudes among these high-value groups pose a further challenge for an industry already under pressure to enhance the data they hold about their customers’ preferences and habits as they look to deliver the compelling offerings that will differentiate them in a competitive marketplace.
"Insurers in the past have looked at micro-personalization mostly through a product lens, which is hard to reconcile with the nature of insurance being based on random risk distribution. However, the latest advances in data technology, AI and analytics are opening up new perspectives on personalization to insurers – one rooted not in the product itself, but rather in how it fits with each customer’s life choices and personal situation. Data is becoming a core skill for insurers, just like underwriting or pricing. Whoever knows how to best harvest and analyze data will have the greatest potential to differentiate themselves from their peers and win customers in this mature and competitive market."
Manfred Ebling, Managing Principal & Switzerland Insurance Lead
METHODOLOGY
Interviews were conducted in Belgium, Brazil, Canada, Greater Bay Area (ex Hong Kong), Germany, Hong Kong, Italy, Malaysia, Poland, Singapore, Switzerland, Thailand, USA and the UK during February and March 2023. Respondents were aged between 18 and 65 years. This was a quantitative study conducted using diverse sampling methodology (social & ad networks). Country representative quotas (location, age and gender) were applied.
