The Property & Casualty (P & C) insurance industry is undergoing many changes with the emergence of new business models, usage-based insurance, on-demand insurance, ongoing regulatory changes, climate change and other factors. While insurance companies continue to leverage multiple channels to distribute their products, innovations such as the sharing economy, driverless cars and the ubiquitous smartphone continue to influence product offerings and customer expectations.
In 2015, private Canadian insurers wrote $51.9 billion in direct written premiums for insurance on consumers’ homes, cars and businesses, a reflection of the strength of P & C insurance business. There are more than 207 private P & C insurers actively present in Canada. But with increasing choice, consumers are demanding efficient and trustworthy insurance claims handling and servicing. But many consumers are unaware of the specifics of their policy options and may not have strong loyalty toward their insurers. As such, they are likely to switch companies if they are dissatisfied with their claims handling, which is a critical customer interaction point.
This Report covers consumer attitudes and behaviour related to insurance claims and submission (focusing on home and auto insurance). It explores ownership of insurance, choice of provider, incidence of claim submission, satisfaction with claims submission, likelihood of using digital channels and attitudes related to claims servicing.
