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Are You A victim of Financial Abuse?

Insurers Want to Know Everything About You

This article in the Sydney Morning Herald shows a video of people in the streets being asked questions such as...

  • Would you let your health insurer track your weight if you got cheaper premiums?
  • What about how much you smoked?
  • How much alcohol you drank?
  • If they gave you a tracking device would you tell them how much you exercised?

There appears to be quite mixed responses from those interviewed. 

Technology has opened this window on your life for insurers. Using a smart watch on your wrist or a little black box in the car insurers can collect all this information and they argue it is ultimately for your benefit.

AIA Australia rolled out its Vitality program 18 months ago using customers who agreed to have their health monitored through a Fitbit or Garmin. Those who met health goals are rewarded with points that can be exchanged for anything from policy discounts to movie tickets and spa retreats.

Read the full article here.

Also there isn't, on balance, one answer. The feedback I have is that they generation older than mine (born prior to 1970) are more worried about privacy. Most digital natives will be used to lots of personal data being public - because they already share so much. It may be that we see a very traditional split in adoption rates based on age. 

Comments

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TuesdaySue

The moral of the story is not to under-estimate what asking to get to know our clients better can achieve.
It's becoming a lot more 'normal' to trade extra benefits for personal information.

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