J.D. Power confirms Canada’s most popular insurers
Published: June 16, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Last month, J.D. Power and Associates issued its annual state of the industry report that showed Canadians (including those in Ontario) are satisfied with their auto insurance, despite premiums going up across the country.
However, which company scored the highest in terms of customer satisfaction. J.D. Power has broken down some of the details of the report. Firstly, Quebec drivers are the most satisfied with the insurance coverage, while customers in the province rank Industrial Alliance and Promutel the top two insurance companies.
The Co-operators scored well in the survey, coming out as the best auto insurer in Ontario, Alberta, and the Maritimes. In Ontario, Personal was ranked second, while Johnson Insurance was second in Alberta.
J.D. Power says the study found there is more relation between satisfaction and policy understanding than there is between satisfaction and price. Valerie Monet, senior director of the insurance practice for the firm, says people are getting to know their policies better.
“People realize you get what you pay for and people are educating themselves more thoroughly before they make their selection. They’re understanding better how that policy works, how to interact with that insurer and they’re searching out an insurer that’s a good fit for them,” Monet said.
Despite satisfaction, rates continue to rise alongside, up 17% in Quebec, 16% in the Maritimes, 11% in Alberta, and 1% in Ontario. Insurance companies that keep customers informed and have strong online presence are the most likely to score highly. However, Monet says there is still room for the broker network:
“I think what they (brokers) should be taking away is the end consumer is becoming much more educated about every aspect of their auto insurance policy,” Monet said. “People are looking to better understand what really meets their needs and they’re willing to take it upon themselves to learn about the process and about the product. From a broker’s perspective, they’re going to be asked many of these questions and really serve as an intermediary.”