Most Under-35s OK With Insurers Digital Spying If It Cuts Prices

The majority of people between 18 and 34 would be willing to let insurance companies dig through their digital data from social media to health devices if it meant lowering their premiums, according to Bloomberg.

In the younger group, 62 percent said they’d be happy for insurers to use third-party data from the likes of Facebook, fitness apps and smart-home devices to lower prices, according to a survey of more than 8,000 consumers globally by Salesforce’s MuleSoft. That drops to 44 percent when the older generations are included.

As consumers share more of their personal data online, governments increased their scrutiny of how it’s collected and used. Of the older generations, 45 percent of 35- to 54-year-olds are happy to allow insurers broad access to their digital identity, while 27 percent of those 55 and older would do so.

Insurers are investing millions improving their digital offerings amid growing competition from fintech startups. But that’s a work in progress: 58 percent of the survey’s respondents said that systems don’t work seamlessly for them, with many citing difficulty filling out a form online. And 56 percent said they would switch their insurance provider if digital service is poor.