MADRID, 13 (EUROPEAN PRESS)

25% of users in Spain already have pay-per-use insurance (or Usage-Based Insurance, UBI), which allows them to pay only for coverage that is necessary and used in the event of an accident or necessity, according to the 2022 EMEA Insurance Study Consumer Insights Study produced by Censuswide for Guidewires.

The report shows that 41% of those surveyed choose this type of insurance because it fits their lifestyle, while another 36% consider that it provides greater flexibility and 28% that the premiums of this policy are cheaper than traditional insurance.

Despite the growth this insurance will experience, Spain will continue to lag behind its other neighbours. In this regard, the Guidewire study includes interviews with users from Spain, France, the UK, and Germany, countries where 32% of users would contract pay-per-use insurance, as in France (31%). Both outperformed Spain which doubled the UK in penetration of this policy (12%).

PERSONAL

One of the details that Guidewire’s study focuses on is the relationship between pay-per-use insurance and the analysis of data collected from user activity, as sometimes these policies are enabled or disabled based on the user’s location – for which insurance companies must have access to their geolocation – or as appropriate. with the activities they do, such as driving or participating in certain sports.

For this reason, 58% of those surveyed thought that UBI’s policies might involve a commitment to their privacy, although 60% thought that, in return, they would be cheaper.

In addition, the study highlights that users are aware that “it will be necessary” to share more data with insurance companies if they want to be able to access new products and services.

In this regard, 38% of those surveyed in Spain said they understand the reasons why insurance companies need to collect more data, although they admit that they prefer not to share that information with them. 32%, however, have no objection to this data transfer, and only 26% say they don’t understand why they should share more information with insurance companies.

On the other hand, the survey shows that 17% of users are aware that they prefer that insurance companies do not collect real-time data about them, although another 32% do not mind if the company monitors the plumbing in their homes if they can avoid flooding.

Similarly, 25% would not mind sharing data about their driving and 23% would consider sharing location data from their devices and belongings.