9 out of 10 Malaysians are open to sharing data for personalised coverage: Survey

Malaysians consider three things when buying insurance: affordability, meeting customer needs, and value for money.

The majority of respondents from Malaysia have expressed confidence in sharing personal data for more detailed insurance coverage, however, insurers are challenged in mastering how the data can be rapidly deployed.

A Cacpo survey found that 92% of respondents are willing to share additional personal data with insurers in exchange for various benefits, indicating a clear opportunity to utilise data and analytics to innovate and bridge Malaysia's protection gap among the underinsured and uninsured.

There is a strong preference for personalised insurance products among policyholders, with at least seven in 10 expressing a desire for more personalized offerings across different policy types.

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About 72% of surveyed policyholders prefer to purchase insurance through representatives, emphasising the importance of seamless omnichannel experiences for incumbent insurers.

Key decision factors for purchasing insurance include affordability, meeting customer needs, and value for money. Speed of service and insurer reputation are also significant considerations.

In terms of data-collecting-mediums, Malaysians feel confident in doing so via fitness or health tests (51%), smartwatch or wireless wearables (41%), and smart devices in the home (40%).  When making insurance claims, respondents prefer to do so in person (49%).