Table of Contents
Executive Summary
-
- The issues
- Drug and dental are the most common health insurance products
-
- Figure 1: Ownership of supplemental health insurance products, September 2018
- Sun Life, Manulife and Great-West Life are used more
-
- Figure 2: Choice of provider (all channels), September 2018
- Major life event is the top purchase trigger
-
- Figure 3: Purchase triggers for buying additional health insurance (any rank), September 2018
- Limited interest in buying health insurance through apps
- The opportunities
- Opportunities among underserved segments: over-65s
- Quebecers have less dental and eye care insurance
-
- Figure 4: Ownership of dental and eye insurance, Quebec vs overall, September 2018
- Younger consumers and men are more digitally engaged
-
- Figure 5: Digital behaviours related to health insurance (select), by age, September 2018
- Recommendations from friends/family key trigger for younger consumers
-
- Figure 6: Purchase triggers for buying additional health insurance (any rank), 18-44s vs over-45s, September 2018
- Linking triggers to purchase decisions
- What it means
The Market – What You Need to Know
-
- Canada’s population is aging
- Aging population is good news for health insurance companies
- OHIP+ changes
- Evolving regulations around cannabis
Market Factors
-
- Canada’s population is aging
-
- Figure 7: Population aged 0-14 and 65+, as of July 1, 1995-2035*
- Aging population is good news for health insurance companies
-
- Figure 8: Canadian population, by age, 2016
- Health overview and risk factors
- Obesity and sedentary lifestyles
- Alzheimer’s/dementia
- Smoking
- Stroke
- Overview of the Canadian healthcare system
- Healthcare spending in Canada
- OHIP+ changes
- Evolving regulations around cannabis
Key Players – What You Need to Know
-
- Manulife announces plan to transform its Canadian business
- RBC Insurance creates new digital solution for group benefits clients
- GroupHEALTH enters into medical cannabis agreement with producer
- Manulife and others launch medical marijuana programs
- Sun Life to offer virtual healthcare services
Innovations & Industry Developments
-
- Manulife announces plan to transform its Canadian business
- RBC Insurance creates new digital solution for group benefits clients
- GroupHEALTH enters into medical cannabis agreement with producer
- Manulife and others launch medical marijuana programs
- Sun Life to offer virtual healthcare services
Marketing Campaigns
-
- Manulife quizzes Canadians
- RBC still wants to help Canadians “get” insurance
-
- Figure 9: RBC Insurance, Your Paycheque – We’ll Help You Get It, April 2018
- Selected campaigns from Mintel Comperemedia
- Pacific Blue Cross targets BC residents
-
- Figure 10: Pacific Blue Cross critical illness insurance online advertisement, September 2018
The Consumer – What You Need to Know
-
- Drug and dental are the most common health insurance products
- Sun Life, Manulife and Great-West Life are used more often
- Major life event is the top purchase trigger
- Younger consumers are more digitally engaged
- Around one in three have submitted an online claim
Product Ownership
-
- Drug and dental are the most common health insurance products
-
- Figure 11: Ownership of supplemental health insurance products, September 2018
- 35-54s have higher ownership of most products
-
- Figure 12: Ownership of supplemental health insurance products, by age, September 2018
- Opportunities among underserved segments
- Over-65s
-
- Figure 13: Ownership of critical illness, long-term care and short-term disability insurance products, over-65s vs overall, September 2018
- Quebecers have less dental and eye care insurance
-
- Figure 14: Ownership of dental and eye care insurance, Quebec vs overall, September 2018
- Parents with children under 18 at home generally over-index in ownership
-
- Figure 15: Ownership of supplemental health insurance products (select), by parental status, September 2018
- Repertoire analysis of ownership
-
- Figure 16: Repertoire analysis of health insurance ownership, September 2018
- Higher income households much more likely to have five or more products
-
- Figure 17: Ownership of five or more types of health insurance, by household income, September 2018
Purchase Channels
-
- Majority of health insurance is through employer coverage
-
- Figure 18: Purchase channel, by product (most recent purchase), September 2018
- Critical illness relatively more likely to be bought individually
- 18-34s more likely to purchase directly
-
- Figure 19: Direct purchase of health insurance products (select), 18-34s vs overall, September 2018
- Lower income earners more likely to buy through affinity groups
-
- Figure 20: purchase of health insurance products through affinity groups (select), by income, September 2018
Choice of Provider
-
- Sun Life, Manulife and Great-West Life are the leading providers
-
- Figure 21: Choice of provider (all channels), September 2018
- Regionality brings out some differences
-
- Figure 22: Choice of provider, Quebec vs overall, September 2018
- Bank insurance subsidiaries are relatively more popular with small business owners
-
- Figure 23: Choice of provider (select), small business owners vs overall, September 2018
- Asian Canadians also more likely to use bank insurance subsidiaries
-
- Figure 24: Choice of provider, Asian Canadians vs overall, September 2018
- Sun Life, Manulife and Blue Cross used more often in the individual market
-
- Figure 25: Choice of provider (by purchase channel), September 2018
- Manulife Affinity Markets, Blue Cross, TD and Sun Life used most often in the affinity space
Purchase Triggers
-
- Major life event is the top purchase trigger
-
- Figure 26: Purchase triggers for buying additional health insurance (any rank), September 2018
- Recommendations from friends/family key trigger for younger consumers
-
- Figure 27: Purchase triggers for buying additional health insurance (any rank), 18-44s vs over-45s, September 2018
- Insurance brokers and wearable devices more likely to influence younger consumers and men
- Incentivized health plan a trigger for around one in four men
-
- Figure 28: Purchase triggers for buying additional health insurance (any rank), men vs women, September 2018
Digital Behaviours
-
- Limited interest in buying health insurance through apps
- Around one in three have submitted an online claim
-
- Figure 29: Digital behaviours related to health insurance, September 2018
- Younger consumers and men are more digitally engaged
-
- Figure 30: Digital behaviours related to health insurance (select), by age, September 2018
- Around one in six men have obtained a quote online
-
- Figure 31: Digital behaviours related to health insurance (select), by gender, September 2018
- TURF Analysis
- Methodology
- More than half are digitally engaged consumers
-
- Figure 32: TURF analysis – digital research and purchase, September 2018
-
- Figure 33: Table – TURF analysis – digital research and purchase, September 2018
General Attitudes towards Health Insurance
-
- Around half prefer to bundle products with one provider
-
- Figure 34: General attitudes related to health insurance, September 2018
- Peace of mind is a big factor influencing older consumers
-
- Figure 35: General attitudes related to health insurance (select), 18-54s vs over-55s, by age, September 2018
- Flex plans appeal more to younger consumers
- Around one in six prefer to buy through associations
- One in four consider incentivized health insurance fairer
Appendix – Data Sources and Abbreviations
-
- Data sources
- Consumer survey data
- Abbreviations and terms
Back to top