Nine out of 10 HK, GBA policyholders trust their personal data with insurers: Survey

Personalisation, improved claims, and cost savings influenced their trust.

Respondents in Hong Kong (HK) and the wider Greater Bay Area (GBA) said they are open to sharing their personal data with insurers, a Capco survey revealed.

The survey found that 94% (Hong Kong) and 90% (wider GBA) are open to sharing additional personal data. 

The main drivers are personalised services (55% HK, 60% GBA), improved claims (53% HK, 54% GBA), and cost savings (47% HK, 34% GBA).

While traditional agent channels remain popular for life insurance, customers now expect interaction through modern avenues like apps and messaging, emphasizing seamless omnichannel experiences.

What Hong Kong and GBA residents prefer

Among Hong Kong respondents, 39% highlighted affordable premiums as their primary concern, closely followed by the need to tailor insurance to their requirements at 37%. 

Similarly, in the broader GBA region, 36% emphasized affordable premiums, and 39% accentuated the importance of customized coverage. 

Trust in the brand played a significant role among Hong Kong policyholders, representing 35% of their decision-making process, while ease of conducting insurance transactions ranked high for the GBA respondents at 35%.

A standout observation from the survey was the pronounced demand for personalized insurance products, especially in health, life, and long-term savings. 

For instance, a noteworthy 86% in Hong Kong and 79% in the wider GBA expressed a preference or strong desire for more personalized long-term savings products like investment-linked insurance, annuities, and endowments. 

Similarly, 85% in Hong Kong and 80% in the GBA sought tailored life products, while 83% in Hong Kong and 81% in the GBA showed keen interest in personalized health products.

The convenience of technology

The convenience offered by insurance apps struck a chord with respondents, prompting the desire to expand their usage for various tasks. 

Key qualities valued by app users encompass user-friendliness, with 68% in Hong Kong and 74% in the wider GBA interested in accessing lifestyle recommendations. 

Moreover, 63% in Hong Kong and 73% in the GBA expressed interest in using apps to shop for complementary products. Notably, additional features such as mental health coaching garnered notable attention, particularly in the wider GBA.

Among the demographic insights, online health information resources emerged as the top choice across both Hong Kong (34%) and the wider GBA (40%). 

Respondents with children still at home in Hong Kong exhibited a higher inclination (40%) for a nutrition analysis feature compared to those without children (28%). 

In the wider GBA, young adults displayed a heightened interest (38%) in mental health coaching features, surpassing the percentage in Hong Kong (24%).

Regarding data sharing preferences, a fitness or health test took the lead, securing 51% in Hong Kong and 52% in the wider GBA. 

Additionally, the survey explored preferences for smart devices at home. 

For the broader GBA audience, smart home devices were the second choice at 49%, while smartwatches and other wireless wearables garnered 47% in Hong Kong.

ALSO READ: Hong Kong’s insurance complaints rise 18.6% in 2022

How the respondents perceive overall insurance in their market

Overall, the respondents revealed a significant level of contentment with claims experiences. 

The overwhelming majority indicated satisfaction, with 88% in Hong Kong and an even higher 92% in the wider GBA expressing approval. 

Among the minority who reported being 'less than satisfied,' common issues included excessive paperwork, slow payout processes, and delayed responses from insurers.

The survey polled 1,000 respondents in each location, aged 18-65, capturing preferences for purchasing, decision influencers, views on claims processes and insurance apps, and the desire for personalisation.

Insights also suggest innovation opportunities like better apps, unified customer data management, and personalized modular products for competitive advantage.