UK Millennials – you know the sort; the 18 to 34 year olds – are so desperate to get cheaper insurance premiums that they are prepared to give up their own blood, urine, and personal data if that is what it takes.
That is the rather bold statement being bandied around by research firm Decode, which conducted a study behalf of strategic business applications company Pegasystems Inc, as well as Capgemini.
The research, which surveyed 1,000 UK Millennials on their attitudes to insurance, has, according to the authors, raised questions about how important it is for insurers to understand the behaviour of their customers. It found some people in this age bracket are far from squeamish when it comes to finding ways of securing a discount.
Indeed, the research discovered that more than a quarter (26%) of respondents planning to buy insurance would be willing to regularly supply an insurer with a urine or blood sample to prove their good health if it meant claiming a few quid off.
Moreover, almost a quarter (22%) planning to buy insurance strongly indicated they were willing to go a step further by having a device such as a chip or tracker inserted into their bodies to monitor their behaviour if it meant spending less.
and was advised on by one of the UK’s top generational sociologists Dr Paul Redmond.
It also found that UK Millennials place little importance on the confidentiality of their own personal information if it means getting something they want.
Almost a third (29%) of respondents strongly agreed they would be willing to have monitoring devices placed in their homes and cars to monitor their actions, while a quarter (25%) strongly indicated they would be willing to use a wearable device like the Apple Watch to provide personal information if it meant cutting costs.
This is further emphasised by the fact that more than one third (35%) of all Millennials strongly agreed they would be open to giving up even more personal data if it meant securing a discounted insurance premium.
Commenting on the findings, Dr Paul Redmond, who advised on the study, said: “Unlike those who preceded them, the Millennial generation is the first to grow up without any assumption of anonymity. This means it’s becoming increasingly important for modern organisations to understand the extent to which Millennials are willing to give up so much of themselves in exchange for something they value.”
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