New study shows technology creating opportunities for insurance coverage savings
Toronto, ON (Jan. 8, 2018) – Most Canadian consumers are feeling positive about the connected world and data sharing, yet say they have concerns around security and privacy in sharing information electronically with insurers. This was part of the findings in a recent survey by Kanetix.ca, Canada’s leading online insurance marketplace.
The survey of 1,000 respondents looked at a number of technology advancements, including acceptance of, and concerns around, driverless and connected cars. Not surprisingly, the 18 to 34 demographic are generally more at ease with technology innovation across the board versus middle-aged respondents.
In terms of their comfort level with new automotive technologies:
- Two-thirds of respondents said they are comfortable with voice assistance (e.g. Google Assistant or Siri).
- 60 per cent of respondents are comfortable with their car transmitting location and vehicle data tracking, with men (63 per cent) more comfortable than women (57 per cent).
- 58 per cent of the audience said they were comfortable with augmented reality or heads-up displays where speed and navigation, for example, appears on the driver’s windshield, with men being much more comfortable than women by a factor of 10 percentage points.
- A majority of respondents (59 per cent) are uncomfortable with autonomous vehicles, with females being more so (65 per cent) than males at 52 per cent.
- The most accepting of autonomous vehicles is the 18 to 34 demographic at 55 per cent, versus 30 per cent of middle aged (45+) respondents.
Despite the general acceptance of new automotive technologies, there were also concerns around data privacy and information sharing, even when sharing data with insurance providers could lead to lower premiums on auto insurance, home insurance, life insurance or health insurance:
- The biggest concern for respondents was security (35 per cent), followed by privacy (29 per cent).
- 54 per cent of the respondents are most likely to share home (e.g. alarms, floods) and medical information with their insurer via technology.
- Less than half (46 per cent) of people said they were willing to share lifestyle habits and driving information.
“The unwillingness to share lifestyle and driving information is a reflection of people’s concerns about privacy and security. Yet they may not realize there may be benefits to increased data collection and sharing with their providers, such as lower premiums,” says Andrew Lo, President and CEO of Kanetix Ltd. “An important question for consumers and industry today is, what are they willing to share electronically in order to save costs on their insurance?”
About The Survey
The survey was conducted in December 2017 with a nationally representative sample of 1,000 Canadians. A sample of this size is accurate to within +/-3 percentage points, 19 times out of 20.
Launched in October 1999, Kanetix.ca was Canada’s first online insurance marketplace and today provides over a million quotes per year to consumers looking for insurance, as well as comparisons for mortgage rates and credit cards.
The Kanetix.ca comparison service is a one-stop shopping environment for consumers. Each day, thousands visit the Kanetix.ca website to comparison shop their various financial needs. Shoppers choose what they want to compare, obtain a quotation and complete an online application or, with the help of Kanetix.ca connect with the provider to purchase or apply for the product over the phone.
SOURCE: Kanetix.caTags: data, Kanetix, survey