Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Consumers and Data Sharing in Insurance - UK - July 2017

“The Internet of Things offers insurers a huge opportunity to develop much needed regular touchpoints with their policyholders. This could in turn help to improve customer retention by moving the focus of communication away from the annual policy renewal.
The majority of existing/potential owners of emerging smart devices say they would share data from these devices with an insurer, suggesting that providers could be well positioned to give consumers access to a better connected ecosystem.”

- Paul Davies, Senior Financial Services Analyst

This report will cover the following areas:

  • Making the most of the IoT
  • The importance of trust
  • Providers and data sharing

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Overview

    • What you need to know
      • Scope of this Report
      • Executive Summary

          • The market
            • GDPR set to give consumers greater control of their data
              • The FCA supports insurers’ use of Big Data
                • Companies and brands
                  • Gearing up for the IoT
                    • Vitality encourages active behaviour
                      • Neos uses tech to protect
                        • Figure 1: Neos Ventures smart home devices and smartphone app UI
                      • The consumer
                        • Home insurers have the biggest opportunity to utilise the IoT
                          • Figure 2: Ownership/interest in owning smart devices, May 2017
                        • Potential device owners willing to share data with insurers
                          • Figure 3: Willingness to share information from devices with insurers, May 2017
                        • Consumers remain guarded when it comes to data sharing
                          • Figure 4: Types of information that consumers would be comfortable sharing with insurers, May 2017
                        • Who is most willing to share data?
                          • Only three in ten people trust insurers to manage data securely
                            • Figure 5: Attitudes towards data sharing, May 2017
                          • Three quarters of policyholders could be encouraged to share more data
                            • Figure 6: Ways to encourage data sharing with insurers, May 2017
                          • Transparency can help to instil trust
                            • Figure 7: Types of information that consumers would like insurers to share, May 2017
                          • What we think
                          • Issues and Insights

                            • Making the most of the IoT
                              • The facts
                                • The implications
                                  • The importance of trust
                                    • The facts
                                      • The implications
                                        • Providers and data sharing
                                          • The facts
                                            • The implications
                                            • The Market – What You Need to Know

                                              • GDPR set to give consumers greater control of their data
                                                • The FCA supports insurers’ use of Big Data
                                                  • New transparency rules introduced
                                                  • Market Overview

                                                    • GDPR set to give consumers greater control of their data
                                                      • Insurers’ underwriting practices at risk
                                                        • The FCA supports insurers’ use of Big Data
                                                          • New transparency rules introduced
                                                            • Insurers need to instil trust
                                                                • Figure 8: Consumer perceptions of how well different firms reward loyalty, December 2015
                                                              • Majority would recommend their insurer to others
                                                                  • Figure 9: Key metrics for selected brands, December 2016
                                                              • Companies and Brands – What You Need to Know

                                                                • Gearing up for the IoT
                                                                  • Prevention is better than cure
                                                                    • Vitality encourages active behaviour
                                                                      • Neos uses tech to protect
                                                                        • RSA and Co-op invest in pet tech
                                                                        • Competitive Strategies

                                                                          • Consumer data capture
                                                                            • Gearing up for the IoT
                                                                                • Figure 10: Neos Ventures smart home devices and smartphone app UI
                                                                                • Figure 11: PitPat activity monitor for dogs and app screens
                                                                              • Real-time personalisation
                                                                                • Alternatives to personal data sharing
                                                                                  • Consumer data usage
                                                                                    • Prevention is better than cure
                                                                                      • Figure 12: Willingness to provide insurer with additional personal information, September 2016
                                                                                    • Motor
                                                                                      • Health and life
                                                                                        • Home
                                                                                          • Figure 13: Neos Ventures leak detection sensor
                                                                                      • The Consumer – What You Need to Know

                                                                                        • A smarter way to improve retention
                                                                                          • Home insurers have the biggest opportunity to utilise the IoT
                                                                                            • Consumers remain guarded when it comes to data sharing
                                                                                              • Who is most willing to share data?
                                                                                                • Only three in ten people trust insurers to manage data securely
                                                                                                  • Three quarters of policyholders could be encouraged to share more data
                                                                                                    • Transparency can help to instil trust
                                                                                                    • Types of Insurance Held

                                                                                                      • A smarter way to improve retention
                                                                                                          • Figure 14: Types of insurance held, May 2017
                                                                                                        • A fifth of adults have four or more products
                                                                                                          • Figure 15: Repertoire of types of insurance held by consumers, May 2017
                                                                                                      • Smart Devices and Insurance

                                                                                                        • Home insurers have the biggest opportunity to utilise the IoT…
                                                                                                          • …however smart home devices appeal to a wider group
                                                                                                            • Figure 16: Ownership/interest in owning smart devices, May 2017
                                                                                                          • Potential device owners willing to share data with insurers
                                                                                                            • Figure 17: Willingness to share information from devices with insurers, May 2017
                                                                                                          • Opportunity to offer smart device bundle
                                                                                                            • Figure 18: Repertoire of smart devices that consumers own/are interested in owning, May 2017
                                                                                                        • Consumer Data Points

                                                                                                          • Consumers remain guarded when it comes to data sharing
                                                                                                              • Figure 19: Types of information that consumers would be comfortable sharing with insurers, May 2017
                                                                                                            • Engaging with data sharers
                                                                                                                • Figure 20: Repertoire of types of information that consumers would be comfortable sharing with insurers, May 2017
                                                                                                              • Who is most willing to share data?
                                                                                                                • Data sharing is also creating opportunities in retail banking market
                                                                                                                • Attitudes towards Data Sharing

                                                                                                                  • Only three in ten people trust insurers to manage data securely
                                                                                                                    • Figure 21: Attitudes towards data sharing, May 2017
                                                                                                                  • Embracing consumers’ need for privacy
                                                                                                                    • Personalised policies are fair game
                                                                                                                    • Ways to Encourage Data Sharing

                                                                                                                      • Three quarters of policyholders could be encouraged to share more data
                                                                                                                          • Figure 22: Ways to encourage data sharing with insurers, by repertoire of types of insurance held by consumers, May 2017
                                                                                                                          • Figure 23: Ways to encourage data sharing with insurers, May 2017
                                                                                                                        • Time is of the essence for Millennials
                                                                                                                            • Figure 24: Ways to encourage data sharing with insurers, by generation, May 2017
                                                                                                                          • Multiple product owners most open to sharing data
                                                                                                                          • Providers and Data Sharing

                                                                                                                            • Transparency can help to instil trust
                                                                                                                                • Figure 25: Types of information that consumers would like insurers to share, May 2017
                                                                                                                              • Over a quarter of Millennials interested in ethical stance
                                                                                                                                • Figure 26: Types of information that consumers would like insurers to share, by generation, May 2017
                                                                                                                            • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                • Abbreviations
                                                                                                                                  • Consumer research methodology

                                                                                                                                  Companies Covered

                                                                                                                                  To learn more about the companies covered in this report please contact us.

                                                                                                                                  Consumers and Data Sharing in Insurance - UK - July 2017

                                                                                                                                  US $2,648.76 (Excl.Tax)