Survey Results Reveal People Over The Age Of 24 Are Uncomfortable Sharing Fitbit Or Apple Watch Data With Life Insurance Companies To Get Better Rates
True Blue Life Insurance's Study Raises Serious Concerns About The Future of Insurtech Innovations
SCOTTSDALE, Ariz., Nov. 20, 2018 /PRNewswire-PRWeb/ -- The future of insurtech may be in jeopardy. In a recent survey to gauge comfort with sharing personal information in the evolving realm of insurtech, the online life insurance agency True Blue Life Insurance polled 1000 potential life insurance consumers and received some troubling results.
The survey was designed to take the temperature on this new insurtech trend. As more companies are investing in "interactive policies", it's important to examine how customers actually feel about disclosing personal fitness information with insurance providers. True Blue wanted to probe questions including whether people actually want to share this information and whether they would utilize those types of incentives if offered. The survey provided key insight into the viability of these products.
"We wanted to run this survey because we at True Blue had concerns about the viability of current insurtech trends," said Brian Greenberg, CEO and Founder of True Blue Life Insurance.
"These new products with variable rates reward customers for completing everyday tasks that include eating well, exercising, sharing data from fitness trackers, and annual health exams. The more engaged customers are in the program, the more savings they can receive. However, our survey results demonstrate that people are not willing to participate, even if they receive better rates."
After reviewing the staggering results we feel that insurance with guaranteed level costs are the safest, most secure route to follow for most people. According to our findings, the one demographic who would benefit from this product is Generation Z (those aged 18-24).
Here's what the study found:
● Consumers Are Not Willing To Wear Fitness Trackers That Share Data With Insurance Companies Even If It Means Better Premiums
○ 59% of respondents said they are not willing to wear a fitness tracker that reports to insurance companies if it means potentially receiving a better premium.
○ 54% of respondents aged 18-24 were not willing to wear a fitness tracker that reports to insurance companies if it meant potentially receiving a better premium.
● Consumers Don't Want Their Premiums to Fluctuate Based on Yearly Physicals
○ 77% of respondents said they were uncomfortable having their premiums fluctuate based on their yearly physical results.
○ Only 30% of Gen Z'ers (18-24) responded saying they were comfortable with the idea of having their premiums fluctuate based on yearly physical results.
● When Forced To Choose, Consumers Are Most Open to Sharing Their Financial History With Insurance Companies, Rather Than Fitness/Health Tracking
○ Respondents over the age of 25 were most comfortable sharing their financial information.
○ Respondents aged 18-24 were most comfortable sharing their fitness data in exchange for better premiums, so there is future potential in this demographic if awareness and education accompany the benefits of sharing that data.
True Blue's survey was conducted in October 2018, with the intention of getting a better sense of what consumers actually want to get out of their insurance experience and how receptive they are to innovations that the insurance industry is heavily investing in. To read a more in-depth version of these findings, you can read the full report here.
About True Blue Life Insurance: True Blue Life Insurance is an independent insurance agency and leader in the insurtech industry committed to finding consumers the best prices and fast approval times. With thousands of positive reviews across the internet, True Blue Life Insurance is committed to providing consumers with the best customer experience in the insurance industry.
SOURCE True Blue Life Insurance
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