Malaysian Policyholders Ready to Share Data for Personalized Insurance Services, Reveals Capco Survey
A recent survey conducted by Capco reveals that Malaysian policyholders are eager to share personal data in order to receive personalized insurance services. The survey, which polled 1,000 policyholders between the ages of 18 and 65, found that 92% of respondents are willing to share additional personal data with insurers to gain various benefits. This presents a significant opportunity for insurers to leverage data and analytics to drive innovation and meet customers’ individual needs, while also addressing Malaysia’s protection gap.
The survey also indicates a strong demand for more personalized insurance products among policyholders. Across different types of insurance policies, such as income protection and car insurance, over 70% of respondents expressed a strong desire or preference for personalized offerings. This highlights the importance of insurers adapting to meet the evolving needs and preferences of their customers.
Furthermore, the survey revealed that a majority of policyholders (72%) prefer to purchase insurance through representatives, emphasizing the significance of providing seamless and personalized omnichannel experiences. When selecting an insurance provider, the top consideration for policyholders is speed of service (51%), followed by the insurer’s reputation (43%). Affordable premiums (46%) and the ability of the insurance offer to meet the customer’s needs (38%) are also key factors in the decision-making process.
Lance Levy, CEO of Capco, emphasized the importance of insurers leveraging customer data to offer innovative and tailored services. He highlighted the challenge of rapidly deploying this data to improve and personalize products that align with customer lifestyles, priorities, and budgets. Insurers must also overcome legacy constraints and adopt best-in-class data architectures and improved data governance to build trust and effectively use data analytics and AI tools.
According to the survey, respondents are motivated to share additional personal data in order to receive more personalized services (56%) and enhance the claims process (52%). Preferred methods of sharing data include fitness or health tests (51%), smart wearables like watches (41%), and smart home devices (40%).
Insurance apps are widely used by policyholders for various tasks, such as monitoring policies (89%) and accessing recommendations for improving lifestyles (67%). When making an insurance claim, respondents are most likely to do so in person (49%), followed by online (37%) and phone (34%). The majority of respondents who have made claims (91%) expressed satisfaction with the process.
In conclusion, the Capco survey highlights the willingness of Malaysian policyholders to share personal data for more personalized insurance services. Insurers have a significant opportunity to leverage this data to offer innovative products, address the protection gap, and provide an enhanced customer experience. By embracing digital transformation, adopting advanced data analytics tools, and delivering seamless omnichannel experiences, insurers can better meet the evolving needs of policyholders in Malaysia.
