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Attitudes towards Insurance: Incl Impact of COVID-19 - Canada - December 2020

OVERVIEW
What you need to know
Key issues covered in this Report
EXECUTIVE SUMMARY
Top takeaways
Market overview
Impact of COVID-19 on insurance attitudes
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
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
Insurance industry impact of COVID-19
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
Figure 3: Introducing Apple Fitness+, September 2020
WHAT’S NEW?
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
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
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
Canada Life embraces financial individuality in first mass campaign
Figure 4: For Life As You Know It – Canada Life, September 2020
SunLife Financial’s new national branding
Figure 5: Let's get you there, October 2020
Sonnet: crafting a new brand identity
Figure 6: Sonnet Facebook ads, October 2020
SunLife and TD Insurance battle the belief that getting life insurance is time-intensive
Figure 7: SunLife and TD Insurance Facebook ads, April 2020
THE CONSUMER – WHAT YOU NEED TO KNOW
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 
Auto, home and life are the most popular insurance products
Figure 8: Ownership of insurance products, September 2020
Age has a significant influence on ownership
Increasing pet insurance ownership
Figure 9: Insurance ownership (select), by age, September 2020
Income also determines ownership
Figure 10: Insurance ownership (select), by household income, September 2020
Non-Chinese Asians are potential marketing targets
Figure 11: Insurance ownership (select), by ethnicity, September 2020
USAGE OF APPS
Pet insurance owners have the highest app usage
Figure 12: Mobile app usage, by type of insurance owned, September 2020
Younger consumers and men are keener app users
Figure 13: Mobile app usage (select), by age and gender, September 2020
A quarter find insurance mobile apps hard to use
Figure 14: Mobile insurance app attitudes, September 2020
TECH DEVICES AND ATTITUDES
Awareness is high, but usage is still low
Figure 15: Usage of tech devices, September 2020
Device usage and interest higher among younger consumers
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
Figure 17: Attitudes related to tech devices, September 2020
Men have a higher usage of most devices
Figure 18: Usage of and interest in tech devices, by gender, September 2020
PURCHASE ATTITUDES
Half of consumers believe insurance is essential to a peaceful life
Figure 19: Insurance purchase attitudes, September 2020
A third prefer to buy through independent brokers
Figure 20: Insurance purchase attitudes, by age, September 2020
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
Figure 22: SSQ guaranteed insurance advertisement, August 2020
RBC highlights no medical
Figure 23: RBC Guaranteed life insurance advertisement, May 2020
IMPACT OF COVID-19 
Fair degree of satisfaction with industry response to COVID-19
Figure 24: COVID-19-related attitudes towards insurance, September 2020
COVID-19 increases interest in digital insurance
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
Figure 26: COVID-19-related insurance purchase intention attitudes, September 2020
Figure 27: COVID-19-related insurance purchase intention attitudes (% any agree), 18-44s vs over-45s, September 2020
IMPROVING THE INSURANCE EXPERIENCE
Seven in 10 consider insurance as a “necessary evil”
Figure 28: General attitudes towards insurance, September 2020
Younger consumers and men more enthused about innovation
Figure 29: General attitudes towards insurance (% any agree), 18-44s vs over-45s, September 2020
Claims is the number one area for improvement
Figure 30: Improving the insurance experience, September 2020
Younger consumers keener on videos and community initiatives
Figure 31: Road safety Q&A live show | Onlia, February 2020
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…
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
Figure 35: TURF analysis – Improving the insurance experience, September 2020
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Mintel Trend Drivers
Abbreviations and terms

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