INNOVATIONS IN INSURANCE - CANADA - JULY 2019

INNOVATIONS IN INSURANCE - CANADA - JULY 2019

Jul 2019 Mintel InsuranceN/A Price :
$ 3436

For the purposes of this report, “homeowners insurance” includes detached homes and condo insurance and “renters insurance” includes all renters/tenant insurance.

  • Driving tracking devices transfer data on users’ driving habits back to the insurance company. They can be either a small hard-wired device installed in a car, a smartphone app or a combination of both.
  • IoT (Internet of Things) refers to the concept of extending internet connectivity beyond conventional computing platforms such as personal computers and mobile devices, and into any range of traditionally “dumb” or non-internet-enabled physical devices and everyday objects.
  • Smart thermostats are thermostats that can be used with home automation and are responsible for controlling a home’s heating and/or air conditioning. They allow users to adjust heating settings from other internet-connected devices, such as a laptop or smartphone. This allows users to control the thermostat remotely.

Table of contents
OVERVIEW
Regional classifications
Income
Definitions
EXECUTIVE SUMMARY
The issues
App usage is low
Figure 1: App usage by insurance type, May 2019
Majority interested in at least one app feature
Figure 2: Interest in app features, May 2019
Navigation and fitness trackers are more popular
Figure 3: Usage and interest in tech devices, May 2019
The opportunities
Bundling discounts appeal to most consumers
Figure 4: General attitudes towards insurance, May 2019
Fragmented smart home market is a hurdle to expansion
What it means
THE MARKET – WHAT YOU NEED TO KNOW
Blockchain and insurance
Impact of the sharing economy on insurance
Impact of autonomous vehicles on auto insurance
Smart homes and home insurance
THE MARKET –WHAT’S NEW?
Autonomous vehicles
Impact on auto insurance industry
The evolving world of telematics
Ownership of smart home devices has risen
Impact of smart homes on home insurance
Blockchain and insurance
Impact of the sharing economy on insurance
KEY PLAYERS – WHAT YOU NEED TO KNOW
Onlia launches safety movement and digital insurance product
UK-based telematics program for new drivers launches in Canada
Desjardins giving consumers more options for their auto insurance
Co-Operators expands digitally with Duuo
RBC Insurance creates new digital solution for group benefits clients
Ontario government creates new regulator for financial services, pensions
INNOVATIONS & INDUSTRY DEVELOPMENTS
Onlia launches safety movement and digital insurance product in Ontario
UK-based telematics program for new drivers launches in Canada
Desjardins giving consumers more options for their auto insurance
RBC Insurance creates new digital solution for group benefits clients
Knight Archer launches Saskatchewan’s first online auto insurance rating service
Ontario government creating new regulator for financial services, pensions
MARKETING CAMPAIGNS
Co-Operators expands digitally with Duuo
Intact gives Mitch Marner a promotion
Figure 5: Mitch Marner gets promoted | Intact Insurance, March 2019
Manulife zeroes in on tiny moments
Figure 6: Big Talk, February 2019
Belairdirect gets customers out of scary situations
Figure 7: You could save 20% | Belairdirect, March 2019
Kanetix integrates AI into its quote platform
THE CONSUMER – WHAT YOU NEED TO KNOW
Auto, home and life insurance have the highest ownership rates
App usage is low
Majority interested in at least one app feature
Navigation and fitness trackers are more popular
Younger consumers and men more enthused about innovation
Bundling discounts appeal to most consumers
INSURANCE OWNERSHIP
Auto, home and life insurance have the highest ownership rates
Figure 8: Insurance ownership, May 2019
Insurance ownership is age and income dependent
Figure 9: Insurance ownership (select), 18-45s vs over-45s, May 2019
Figure 10: Insurance ownership (select), by income, May 2019
South Asian Canadians have a lower ownership of some products
Figure 11: Insurance ownership, Non-Chinese Asian Canadians vs overall, May 2019
Quebecers have a higher ownership of life insurance
MOBILE APP USAGE
App usage is low
Figure 12: App usage by insurance type, May 2019
Young men are most prolific users of apps
Figure 13: App usage by insurance type (select), by age and gender, May 2019
Around half find banking apps are easier to use
Figure 14: Attitudes towards apps, May 2019
INTEREST IN APP FEATURES
Majority interested in at least one app feature
Figure 15: Interest in app features, May 2019
Interest among older consumers is still low
Figure 16: Interest in app features, 18-44s vs over-45s, May 2019
TURF Analysis
Methodology
Around half interested in claims and quote features
Figure 17: TURF analysis – Interest in app features, May 2019
Figure 18: Table – TURF Analysis – Interest in technology features, May 2019
USAGE AND INTEREST IN TECH DEVICES
Navigation and fitness trackers are more popular
Figure 19: Usage and interest in tech devices, May 2019
Men have a higher usage of tech devices
Figure 20: Current usage of tech devices (select), by gender, May 2019
Younger have a higher usage and interest
Figure 21: Usage of tech devices (select), 18-44s vs over-45s, May 2019
Figure 22: Interest in tech devices among non-users, 18-44s vs over-45s, May 2019
Parents have higher usage of tech devices
Figure 23: Usage of tech devices, significant differences by parental status, May 2019
Fragmented smart home market is a hurdle to expansion
INTEREST IN INSURANCE INNOVATIONS
Around one in five interested in individual item insurance
Figure 24: Interest in insurance innovations, May 2019
Younger consumers more keen on insurance innovations
Figure 25: Interest in insurance innovations (select), 18-44s vs over-45s, May 2019
Men are keener on many innovations…
Figure 26: Interest in insurance innovations (select), by gender, May 2019
…while Quebecers are less keen on some
Figure 27: Interest in insurance innovations (select), Quebec vs overall, May 2019
ATTITUDES TOWARDS INNOVATION & DEVICES
Innovation is important to around half of consumers
Figure 28: Attitudes towards innovation, May 2019
Younger consumers and men more enthused about innovation
Figure 29: Attitudes towards innovation (% any agree), by age, May 2019
Home security devices and fitness trackers appeal to half of consumers
Figure 30: Attitudes towards devices, May 2019
Figure 31: Attitudes towards devices (% any agree), by age, May 2019
Lower income earners less keen on home security and fitness trackers
Figure 32: Attitudes towards devices (% any agree), by income, May 2019
GENERAL ATTITUDES
Bundling discounts appeal to most consumers
Figure 33: General attitudes towards insurance, May 2019
Over-55s more likely to find brokers the best source of information
Figure 34: Select general attitudes towards insurance (% any agree), by age, May 2019
Online rating sites appeal to majority of younger consumers
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Abbreviations and terms

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