Swiss trust insurance companies more than Google or Facebook
According to a survey, more and more people are willing to provide their insurance companies with specific, personalized behavioral data if doing so allows them to benefit from lower rates as customers.
For example, 66 percent of the Swiss believe that they would give their car insurance company access to their personal driving data if this meant that responsible driving was financially rewarded. And a clear 85 percent of respondents believe that they would trust insurance companies more than Google or Facebook to handle this personal data responsibly. These are the key findings of an online survey conducted by global brand consultancy Prophet on the topic of "How important is transparency about your insurance contracts to you?", for which 250 adults in Switzerland were questioned in February of this year.
Insurers, however, are still having a hard time with the digital transformation. In the opinion of many customers, for example, insurers have so far failed to consistently implement the digitization of the insurance business. 73 percent of respondents complain about the poor quality of insurers' online presences. Consumers therefore prefer to find out about rates and prices in the industry on comparison portals. 55 percent of the Swiss also complain that they do not have an adequate overview of their personal insurance cover.
In addition to the technical aspects, it is also about a profound organizational and cultural transformation of the industry. "If you want to survive in the future competitive environment, you have to use the advancing digitalization in customer interaction, process integration and product offering to create a modern, consistent customer experience," is how new Prophet partner Wolfgang Jacob assesses the results of the survey. Jacob, who will lead the "Financial Services" division for Prophet in Switzerland and Germany in the future, previously held leading positions at Credit Suisse, Commerzbank and Gerling Group (now HDI).
Successful insurers would take advantage of the fact that people trust them much more than Google or Facebook when it comes to data security, says insurance expert Jacob: "Young people in particular are used to having their data recorded all the time." The technical and legal possibilities for personalized rates are mostly there, he says. "The only thing that remains to be seen is which company will be the first to network the elements in a truly intelligent and customer-oriented way in order to generate a competitive advantage," says Jacob.
| More overview: How important is transparency about your insurance contracts to you? | Fully agree | Agree rather | Rather not agree | Do not agree at all |
|---|---|---|---|---|
| Insurance is an important product in my life. However, I have problems keeping track of my current contracts | 21% | 34% | 32% | 13% |
| The online presences of many insurance companies are not well done. I want to implement my wishes with just a few clicks and not tediously search for information | 27% | 46% | 23% | 4% |
| Comparison portals such as Check 24 offer me faster and better transparency about insurance products than if I obtain information directly from the providers | 19% | 52% | 23% | 6% |
