The Insurance Bureau of Canada (IBC) has published the results of a survey that sought to find what customers in Canada want from insurance companies exploring technology. Respondents said they would prefer companies use innovations and “tech-enabled” insurance products.
Six in 10 participants (58%) who are paying for auto insurance say they would choose to get documents online or through electronically. When taking into account millennials, the number has increased to 71%.
In the same report, IBC found two-thirds of respondents (66%) with auto insurance say they like the current method for assessing premiums costs through driving quality and vehicle use is fair.
Other important findings of the survey include:
- 54% of respondents believe online insurance information is just as safe as paper-based insurance information; the number is 61% among millennials.
- 60% of respondents said they are willing to share personal information if it meant their auto insurance premiums would be lower.
- More than half of millennials (54%) are interested in driving autonomous vehicles, compared to 37% of the general population.
- 58% of millennials say roads will be safer when all vehicles are autonomous.
- 54% said their insurers are their second most trusted sources for information on how to reduce flood risk, just behind science/flood experts.
- 47% of Canadians want to learn more about their home insurance policies; similarly, 45% want to understand their auto insurance more.
“We are living in an age of disruption. How we engage with our customers is evolving and consumer expectations are changing,” said IBC president and CEO Don Forgeron.
“As insurers, we need to have the ability to adapt to the rapid changes that are impacting our business. Only by embracing innovation and new ways of thinking will we be able to keep the door open to new products and services and new ways of delivering them to Canadians.”