Table of Contents
Executive Summary
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- The issues
- Four in five Canadians have auto and around three in five have home insurance
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- Figure 1: Ownership of insurance products, November 2016
- About one in four are willing to use driving tracking devices
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- Figure 2: General attitudes about auto insurance, November 2016
- Satisfaction with auto claims is high but there is some dissatisfaction about real-time status checks
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- Figure 3: Satisfaction with auto insurance claim, November 2016
- Satisfaction with home claims is high but there is some concern about impact of claim on renewal price
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- Figure 4: Satisfaction with homeowners insurance claim experience, November 2016
- The opportunities
- Increasing ownership among younger consumers
- Smart homes and home insurance
- Increasing adoption rates of usage-based insurance
- Practical measures to enhance the auto claims experience
- What it means
Market Factors
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- The evolving world of telematics
- Robo-insurance advisors
- Smart homes and insurance
- Sharing economy and insurance
Key Players – What You Need to Know
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- Economical insurance activates multi-channel distribution with launch of direct channel
- Desjardins insurance engages key cultural communities
- Belairdirect launches simplified home insurance quote tool
- Facebook says no to insurance quoting effort
- Insurer launches UK’s ‘first driverless car policy’
- Apps facilitate mobile claims reporting
- Slice offers on-demand insurance for home sharing
Industry Developments
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- Economical Insurance activates multi-channel distribution with launch of direct channel
- Intact Financial Corporation makes strategic investment in Metromile
- Ontario approves insurance plan aimed at Uber
- Aviva Canada announces the acquisition of RBC General Insurance Company
- Belairdirect launches simplified home insurance quote tool
- Facebook says no to insurance quoting effort
- Ford, Toyota form telematics alliance with other automakers, suppliers
Innovations
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- Adrian Flux launches the world’s first driverless car insurance
- Robo-insurance advisors
- Ageas and Trov launch on-demand insurance apps
- Lemonade and other companies bring the sharing economy to insurance
- Risk unit based policies
- Sure’s on-demand ‘micro-duration’ insurance policies
- Slice offers on-demand insurance for home sharing
- Assisto and Claim Di facilitate mobile claims reporting
Marketing Campaigns
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- Sonnet Insurance launches with an optimistic campaign
- Desjardins Insurance engages key cultural communities
- TD’s insurance campaign around customer experience
- Select campaigns from Mintel Comperemedia
- TD highlights its convenient one-stop auto claims solution
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- Figure 5: TD insurance auto insurance claims print advertisement, September 2016
- Belairdirect positions itself as a straightforward, trustworthy company
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- Figure 6: Belairdirect direct mail campaign, December 2015
- Desjardins promotes switching savings
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- Figure 7: Desjardins direct mail switching advertisement, march 2016
The Consumer – What You Need to Know
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- Four in five Canadians have auto and around three in five have home insurance
- Around a third of auto insurance and a fifth of home insurance consumers have submitted a claim in the past seven years
- Intact and TD are the leader in a competitive market
- About one in four are willing to use driving tracking devices
- Satisfaction with insurance claims experience is high
Insurance Ownership
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- Four in five Canadians have auto and around three in five have home insurance
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- Figure 8: Ownership of insurance products, November 2016
- Over-55s have the highest auto and home insurance ownership rates
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- Figure 9: Auto and home insurance ownership, by age group, November 2016
- LGBTs over-index on renters insurance
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- Figure 10: Ownership of auto and home insurance, Overall population vs. LGBTs, November 2016
- Increasing auto and home insurance ownership among younger consumers
- Renters insurance and Millennials
Auto and Home Insurance Claims Incidence
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- Around a third of auto insurance owners have submitted a claim in the past seven years
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- Figure 11: Auto claim submission incidence, November 2016
- Young men more likely and older women less likely to have submitted an auto insurance claim
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- Figure 12: Auto claim submission incidence, by gender and age, November 2016
- About one in five have submitted a home insurance claim in the past seven years
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- Figure 13: Incidence of homeowners insurance claim submission, November 2016
- Young men more likely to submit a home insurance claim
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- Figure 14: Incidence of homeowners insurance claim submission, by gender and age, November 2016
Companies Used for Auto and Home Insurance Claims
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- Intact and TD are the leaders in a competitive market
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- Figure 15: Companies used for auto insurance claims, November 2016
- Among 18-34s, TD is the leading company
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- Figure 16: Companies (select) used for auto insurance claims, by age, November 2016
- Intact and TD/Meloche Monnex are also the leaders in home insurance
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- Figure 17: Companies used for homeowners insurance claims, November 2016
- TD & Wawanesa stronger among younger, Allstate among older consumers
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- Figure 18: Companies (select) used for homeowners insurance claims, November 2016
Auto Claims Attitudes and Experience
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- About one in four are willing to use driving tracking devices
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- Figure 19: General attitudes about auto insurance, November 2016
- Increasing adoption rates of usage-based insurance
- Most consumers are aware of their auto insurance coverage details
- Less than half of claim filers would recommend their auto insurer to others
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- Figure 20: Attitudes related to satisfaction with auto claims, November 2016
- Around three in five claimants believe their claim was handled fairly
- One in ten read online reviews about auto claims experiences
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- Figure 21: Attitudes related to auto insurance and mobile phones, November 2016
Homeowners Insurance Attitudes and Experience
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- Half of consumers agree their home insurance claim was handled fairly
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- Figure 22: Attitudes related to satisfaction with homeowners insurance, November 2016
- Around one in eight consumers read online reviews about home insurance claims
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- Figure 23: Attitudes related to channels used for home insurance claims, November 2016
- Younger consumers and digital channels
- Smart homes and home insurance
Satisfaction with Auto and Home Claims
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- Satisfaction with auto claims is high but there is some dissatisfaction about real-time status checks
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- Figure 24: Satisfaction with auto insurance claim, November 2016
- Over-45s are more satisfied with their claims experience
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- Figure 25: Satisfaction with recent auto claims experience (any satisfied), 18-44s vs over-45s, November 2016
- Practical measures to enhance the auto claims experience
- Satisfaction with home claims is high but there is some concern about impact of claim on renewal price
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- Figure 26: Satisfaction with homeowners insurance claim experience, November 2016
- Key driver analysis
- Methodology
- Explanation of claim adjustment and empathy of staff are attributes that auto insurers need to prioritize in order to drive satisfaction
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- Figure 27: Key drivers of satisfaction with auto insurance claims and servicing, November 2016
- Explanation of claims process and ability to check real-time claim status are attributes that home insurers need to prioritize in order to drive satisfaction
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- Figure 28: Key drivers of satisfaction with homeowners insurance claims and servicing, November 2016
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Abbreviations and terms
Appendix – Key Driver Analysis
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- Interpretation of results
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- Figure 29: Level of satisfaction with auto insurance claims and servicing – Key driver output, November 2016
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- Figure 30: Level of satisfaction with homeowners insurance claims and servicing – Key driver output, November 2016
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