Table of Contents
Executive Summary
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- Top takeaways
- Market overview
- Impact of COVID-19 on insurance attitudes
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- Figure 1: Short, medium and longer-term impact of COVID-19 on attitudes towards insurance, December 2020
- Opportunities and challenges
- Insurance ownership: segments of opportunity
- A quarter find insurance mobile apps hard to use
- Privacy is the major hurdle to adoption of driving tracking devices
- COVID-19 impact on distribution
- Claims and policy education would appeal to the majority of consumers
- Younger consumers and men are keener app users
- COVID-19 may lead to a greater willingness to share data
The Market – Key Takeaways
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- Insurance industry impact of COVID-19
- Rise of virtual care
- GM to sell car insurance based on driver tracking
- Investment in electric vehicle infrastructure across Canada
- Ownership of smart home devices has risen
- Other trends in insurance coverage
Market Factors
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- Insurance industry impact of COVID-19
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- Figure 2: Short, medium and longer-term impact of COVID-19 on attitudes towards insurance, December 2020
- Rise of virtual care
- Some consumers are striving for personal betterment during the pandemic
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- Figure 3: Introducing Apple Fitness+, September 2020
What’s New?
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- GM to sell car insurance based on driver tracking
- Investment in electric vehicle infrastructure across Canada
- Ownership of smart home devices has risen
- Impact of smart homes on home insurance
- Home insurance and connected living
- Other trends in insurance coverage
Companies and Brands – Key Takeaways
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- Pacific Blue Cross announces plan for virtual healthcare
- Intact proposes $12.4 billion joint takeover of Britain’s RSA
- COVID-19 having a mixed impact on auto insurers
- Canada’s biggest airlines are offering free COVID-19 insurance
Competitive Strategies
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- Pacific Blue Cross announces plan for virtual healthcare
- Intact proposes $12.4 billion joint takeover of Britain’s RSA
- COVID-19 having a mixed impact on auto insurers
- Canada’s biggest airlines are offering free COVID-19 insurance
- Manulife joins smaller insurers in offering COVID-19 travel coverage
Marketing Campaigns
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- Canada Life embraces financial individuality in first mass campaign
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- Figure 4: For Life As You Know It – Canada Life, September 2020
- SunLife Financial’s new national branding
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- Figure 5: Let's get you there, October 2020
- Sonnet: crafting a new brand identity
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- Figure 6: Sonnet Facebook ads, October 2020
- SunLife and TD Insurance battle the belief that getting life insurance is time-intensive
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- Figure 7: SunLife and TD Insurance Facebook ads, April 2020
The Consumer – What You Need to Know
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- Auto, home and life are the most popular insurance products
- Pet insurance owners have the highest app usage
- One in four use fitness trackers
- Half of consumers believe insurance is essential to a peaceful life
- Fair degree of satisfaction with industry response to COVID-19
- Claims is the number one area for improvement in insurance
Insurance Ownership
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- Auto, home and life are the most popular insurance products
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- Figure 8: Ownership of insurance products, September 2020
- Age has a significant influence on ownership
- Increasing pet insurance ownership
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- Figure 9: Insurance ownership (select), by age, September 2020
- Income also determines ownership
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- Figure 10: Insurance ownership (select), by household income, September 2020
- Non-Chinese Asians are potential marketing targets
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- Figure 11: Insurance ownership (select), by ethnicity, September 2020
Usage of Apps
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- Pet insurance owners have the highest app usage
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- Figure 12: Mobile app usage, by type of insurance owned, September 2020
- Younger consumers and men are keener app users
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- Figure 13: Mobile app usage (select), by age and gender, September 2020
- A quarter find insurance mobile apps hard to use
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- Figure 14: Mobile insurance app attitudes, September 2020
Tech Devices and Attitudes
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- Awareness is high, but usage is still low
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- Figure 15: Usage of tech devices, September 2020
- Device usage and interest higher among younger consumers
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- Figure 16: Usage of and interest in tech devices, 18-44s vs over-45s, September 2020
- Privacy is the major hurdle to adoption of driving tracking devices
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- Figure 17: Attitudes related to tech devices, September 2020
- Men have a higher usage of most devices
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- Figure 18: Usage of and interest in tech devices, by gender, September 2020
Purchase Attitudes
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- Half of consumers believe insurance is essential to a peaceful life
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- Figure 19: Insurance purchase attitudes, September 2020
- A third prefer to buy through independent brokers
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- Figure 20: Insurance purchase attitudes, by age, September 2020
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- Figure 21: A little guidance today can do a world of good tomorrow – Canada Life, May 2020
- Digital interest is growing among 18-54s
- A quarter of 18-54s are interested in guaranteed issue insurance
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- Figure 22: SSQ guaranteed insurance advertisement, August 2020
- RBC highlights no medical
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- Figure 23: RBC Guaranteed life insurance advertisement, May 2020
Impact of COVID-19
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- Fair degree of satisfaction with industry response to COVID-19
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- Figure 24: COVID-19-related attitudes towards insurance, September 2020
- COVID-19 increases interest in digital insurance
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- Figure 25: COVID-19-related attitudes towards insurance (% any agree), 18-44s vs over-45s, September 2020
- COVID-19 may lead to a greater willingness to share data
- COVID-19 impact on distribution
- Consumers keener on travel, no significant impact on life and health demand
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- Figure 26: COVID-19-related insurance purchase intention attitudes, September 2020
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- Figure 27: COVID-19-related insurance purchase intention attitudes (% any agree), 18-44s vs over-45s, September 2020
Improving the Insurance Experience
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- Seven in 10 consider insurance as a “necessary evil”
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- Figure 28: General attitudes towards insurance, September 2020
- Younger consumers and men more enthused about innovation
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- Figure 29: General attitudes towards insurance (% any agree), 18-44s vs over-45s, September 2020
- Claims is the number one area for improvement
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- Figure 30: Improving the insurance experience, September 2020
- Younger consumers keener on videos and community initiatives
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- Figure 31: Road safety Q&A live show | Onlia, February 2020
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- Figure 32: Tackling road safety with traffic cameras | Aviva Canada, August 2020
- Figure 33: Improving the insurance experience (select), by age, September 2020
- Around a third are interested in consumer education…
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- Figure 34: Know Your Policy, September 2017
- …and a consumer bill of rights
- TURF analysis for insurance improvements
- Methodology
- Claims and policy education would appeal to the majority of consumers
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- Figure 35: TURF analysis – Improving the insurance experience, September 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Mintel Trend Drivers
- Abbreviations and terms
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