Insurers have to work hard to convince consumers they should be handling their personal health data, according to Zurich head of market engagement Peter Hamilton.
Hamilton told delegates at the Association of British Insurers annual conference that the sector must earn consumers’ trust and act in a way that is understandable and in a way that’s timely for those consumers.
“We know collectively there’s more work that we have to do and the data that we’re talking is one of the most sensitive types of data that anyone can have,” Hamilton said.
“So we start from a position of needing to earn the right to work with consumers’ data – so that’s not a great start.”
Elaborating on the issue, Hamilton gave the example of an article in which a customer revealed that they were not about to replace their £7,000 titanium watch with a “gaudy bit of £400 rubber plastic” just to satisfy some arbitrary requirement from an insurance company.
Hamilton added: “It’s kind of tongue in cheek really, but the more serious point is consumers are really worried about the data we have and whether it’s the state, whether it’s companies or anybody else – how is that data going to be used?”
And Hamilton noted the challenge insurers face was also an opportunity as well as a problem.
“There is so much we could do to work with consumers and help them with appropriate consent to access the data they’ve got. It’s everyone’s business – it’s the government’s business, it’s business’ business, it’s consumers’ business,” he said.
Hamilton also touched on suggestions that it is easily taking up to three months before insurers can underwrite a customer to buy a life policy.
“We can actually understand that this isn’t a suggestion that GPs are prioritising less because we know that they’ve got so much on their plate,” he said.
“They are being dictated to in terms of where they prioritise their efforts. But the reality is that it is having an impact on the customers we have because they can’t get access to the products that they want.”