From digital communications to usage-based insurance, the survey findings showcase that consumers want companies to use the latest technology. Nearly 6 in 10 Canadians (58%) who pay for auto insurance indicate they would choose to receive their insurance documents online or electronically if it were available to them that the number increases to 71% among millennials. In addition, two-thirds of Canadians who have auto insurance agree that determining premiums based on driving performance or vehicle usage is a fair way to price auto insurance.
"We are living in an age of disruption. How we engage with our customers is evolving and consumer expectations are changing," said Don Forgeron, President and CEO, IBC. "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."
Key findings of IBC's public opinion research include:
- Canadians, especially millennials, want digital communications.
- 58% of Canadians (6 in 10) who pay for auto insurance indicate they would choose to receive their insurance documents online or electronically if this option were available to them. This number rises to 71% for millennials. Today very few insurance documents can be sent electronically.
- 54% of respondents believe online insurance information is just as safe as paper-based insurance information. This number is 61% among millennials.
- Consumers want fair competition.
- Two-thirds of Canadians (66%) who have auto insurance agree that determining premiums based on driving performance or vehicle usage is a fair way to price auto insurance.
- 60% of respondents are willing to share personal information if it means that auto insurance premiums would be lower.
- Autonomous vehicles are on the minds of millennials.
- 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.
- Education and advocacy are playing an increasingly prominent role for insurers.
- The majority of Canadians (54%) say their insurance company is their second most trusted source, only after a science or flood expert in their region, for information on how to reduce flood risk at home.
- Canadians want to learn more about their home and auto insurance policies (47% and 45% respectively).
About the Research
IBC conducted a nationwide online study of 1,200 Canadian residents 18 years of age or older between February 5 and February 23, 2018. The margin of error for a strict probability sample for a sample of 2,000 would be ±2.83%, 19 times out of 20. All sample surveys and polls may be subject to multiple sources of error, including, but not limited to, sampling error, coverage error and measurement error.
Additional Resources
If you require more information, IBC spokespeople are available to discuss the details in this media release.
To schedule an interview, please contact:
Steve Kee
Director, Media and Digital Communications, IBC
416-362-2031 ext. 4387 (office)
416-841-5669 (cell)
skee@ibc.ca