High interest in personalised insurance among Malaysians: Capco survey

Malaysians prefer to share data through health or fitness tests.

Nine out of 10 Malaysians are open to sharing additional personal data with insurers for various benefits, highlighting an opportunity to innovate and bridge Malaysia's protection gap. 

Capco's 2023 Malaysian survey of insurance policyholders found that strong interest in personalised insurance, with over 70% of policyholders expressing a desire for tailored products across different insurance types.

Nearly three-quarters of surveyed policyholders prefer purchasing insurance through representatives, emphasising the importance of seamless omnichannel experiences. Key factors influencing purchasing decisions include affordability, meeting customer needs, and speed of services.

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The survey, conducted among Malaysian policyholders aged 18 to 65, identifies motivations for data sharing, preferred channels for sharing data, and popular uses of insurance apps. 

It also explores preferences in the claims process and satisfaction levels. “Over half of respondents say they would be motivated to share additional personal data by gaining more personalised services (56%) and enhancing the claims process (52%),” the survey stated.

Malaysian respondents said their preferred mediums to share personal data are fitness or health tests (51%), smartwatch or wireless wearables (41%), and smart devices in the home (40%).

However, only a fifth of Malaysians feel comfortable using a black box in their vehicles to share data. Similarly, they also don’t feel inclined to share social media data to insurers. In terms of making claims, respondents prefer a face-to-face transaction (49%) versus online or mobile.