Consumer trust and data sharing in the age of Generative AI: survey insights
Our Global AI Perception Survey explores how the proliferation of artificial intelligence (AI) and Generative AI (GenAI) is impacting consumer trust and willingness to share personal health data with Life & Health insurers.
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Swiss Re's survey examines consumer views and interactions with AI and GenAI in seven key markets, focusing on how their deployment is affecting consumers' willingness to share personal health data with insurers. By analysing responses from 2,880 consumers in China, France, Germany, Italy, Japan, the UK, and the US, the survey aims to understand how trust and willingness to share personal health data are changing with the adoption of AI technologies.
Widespread AI use, with some caution about data sharing.
Our survey indicates that 70% of consumers are familiar with how companies use GenAI in chatbots and other applications. While over three quarters of those surveyed use GenAI tools, only 17% use them primarily to create a health diagnosis. Reasons vary, but data security and privacy protections remain among top concerns.
Trust in insurers.
Over 80% of respondents trust their insurers to handle their data responsibly with AI tools, but a divide is emerging: while 31% said their attitudes about sharing have grown more positive over the past two years, 22% have grown more sceptical as they worry about data security and privacy, among other things.
Compared to other industries, insurers also have room to improve trust: consumers trust banks the most at 50%, followed by health companies at 46%, and only then insurers at 39%.
Security is essential for insurance buyers.
An overwhelming share of respondents said secure data management was important to their insurance purchasing decisions.
Perceptions that insurers can protect client data appears to be a must-have. Assurances by insurers about legal compliance, transparency over their use of data, and a track record of adhering to ethical data handling all can help build trust.
Data sharing for benefits.
Many consumers are open to sharing data for convenience and rewards. Nearly half would share their personal health data to auto-fill application forms, and over 40% say the prospect of receiving personalised health advice, premium discounts or better coverage could be an incentive for them to share more of their information.
One thing is clear: insurance customers are aware of the value of their data and would often like something in return for sharing it.
Generational and regional variations.
Our survey highlights geographical and generational differences among respondents. For instance, 38% of Gen Zers said their attitudes have grown more positive about sharing data, compared to 22% of Baby Boomers.
Trust in AI is also higher among younger consumers: 87% of Gen Z respondents said they trust insurers with their data, versus 75% of Baby Boomers.
Trust and a willingness to share personal health information also varies by region, with Chinese consumers exhibiting strong trust even as survey respondents in France, Germany and the US showed more wariness.
Learn more in our survey's country-specific analyses or contact one of our experts.
Implications for insurers
Our Global AI Perception Survey shows that the L&H insurance industry already enjoys long-established trust, a product of our years of work protecting clients and their families. It also shows that AI and GenAI tools can affect consumer trust and willingness to share health data. Insurers aiming to get the most out of AI/GenAI tools must focus on transparency, security, and clear communication to build and maintain consumer trust.
Here are some key takeaways:
- We identified a positive correlation between consumers' perceived knowledge of how the insurance industry uses AI and their trust in insurers to manage personal health data securely. This suggests that the more transparent insurers are, the more time they take to explain terms and conditions, the more security measures they put in place, the higher the trust among consumers is likely to be. Effective data management and principles that underpin "Responsible AI (RAI)", built around values like fairness, transparency, explainability, safety and security, accountability and privacy, offer a useful framework.
- Trust has its limits. While many consumers are using AI/GenAI, about a fifth of respondents remain distrustful of sharing information. Many also prefer speaking to a human, rather than using a digital interface. This also applies in China, where trust in AI is strong. Consequently, insurers must balance use of AI tools with maintaining human touchpoints, particularly for complex transactions.
- Considering regional and generational sentiment toward AI technology is also crucial to understanding how to encourage data sharing and AI trust. We found that consumers in East Asia generally trust AI/GenAI more, while those in France and Germany show more mistrust. Italy, the UK, and the US are in between. Notably, 35% of Americans don't use GenAI at all. Younger people, like Gen Z and Millennials, use GenAI more than older generations and are also more trusting in sharing their health data.
- There’s more data out there, ready to be shared: only about one-fifth of respondents now share real-time data with their Life & Health insurer, but a similar share plan to do so in the future. The use of incentives could increase the percentage of clients willing to share their data. Insurers may also see loyalty and underwriting benefits from participating in healthcare ecosystems, which can encourage data sharing and boost customer retention. Before full implementation of initiatives aimed at encouraging data sharing, pilot projects guided by insights from behavioural economics are often useful in developing tailored strategies.
Our Global AI Perception Survey underscores how insurers seeking to leverage new technologies to improve processes, drive forward product innovation and strengthen client relationships now have a unique opportunity. Making the most of it means preserving and building the trust our industry has earned over centuries of protecting our clients – and turning that trust into an even more powerful strategic advantage with current and future generations of insurance consumers.
How we can support insurers
Working with behavioural science, insurers can develop AI tools that help cultivate their customers' trust and engagement, avoiding potential pitfalls like AI overreliance or loss of trust. Our behavioural experts are experienced in enhancing customers' experiences with AI tools, for example, in the context of Scout, the new GenAI tool in Life Guide. If you're interested in collaborating with our behavioural science experts, please reach out to Francesca Tamma and Marco Spagnuolo.