Canadian Home and Auto Insurance - US - May 2013
“Many consumers purchase insurance with the assumption that one insurance company is just like another, making it difficult for companies to differentiate themselves. Under these circumstances, price is an important factor in a consumer’s purchase decision, but it is not necessarily the only one, or even the most important. Quality customer service is a differentiating factor as well, especially for those customers not solely focused on price. Companies that offer the most attractive combination of price and service will be the ones who enjoy the most competitive advantage.”
– Robyn Kaiserman, Financial Services Industry Analyst
Some questions answered in this report include:
- How will technology provide the most competitive advantage?
- Which demographic segments offer insurers the greatest potential?
- How can insurers best gain customers among young people?
The Canadian home and auto insurance market is a fragmented one and carriers are competing heavily for new customers, especially young ones. The challenges to the industry include internal ones such as getting and keeping an aging systems infrastructure up to speed and external ones in the form of a weaker-than-expected recovery, an increase in severe insurable weather events, and ever-increasing customer demands.
This report looks at the following:
- What is happening in the property and casualty market as a result of the economy?
- What are the demographic segments that hold the most promise for the industry?
- What do home and auto insurance companies need to do to compete in this competitive and low-margin industry?
Mintel selects survey respondents so that they are proportionally balanced to the entire Canadian adult population based on the key demographics of gender, age, household income, and region. Note that Mintel’s exclusive survey was conducted online and in both English and French.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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