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Insurance Claims and Servicing - Canada - January 2017

“Increasing the adoption of usage-based insurance will mean convincing customers to trade in their privacy to obtain benefits such as better rates and a smoother driving experience.”

– Sanjay Sharma, Senior Financial Services Analyst

This report looks at the following issues:

  • Increasing ownership among younger consumers
  • Smart homes and home insurance
  • Increasing adoption rates of usage-based insurance
  • Practical measures to enhance the auto claims experience

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Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Definitions
          • Executive Summary

              • The issues
                • Four in five Canadians have auto and around three in five have home insurance
                  • Figure 1: Ownership of insurance products, November 2016
                • About one in four are willing to use driving tracking devices
                  • Figure 2: General attitudes about auto insurance, November 2016
                • Satisfaction with auto claims is high but there is some dissatisfaction about real-time status checks
                  • Figure 3: Satisfaction with auto insurance claim, November 2016
                • Satisfaction with home claims is high but there is some concern about impact of claim on renewal price
                  • Figure 4: Satisfaction with homeowners insurance claim experience, November 2016
                • The opportunities
                  • Increasing ownership among younger consumers
                    • Smart homes and home insurance
                      • Increasing adoption rates of usage-based insurance
                        • Practical measures to enhance the auto claims experience
                          • What it means
                          • Market Factors

                            • The evolving world of telematics
                              • Robo-insurance advisors
                                • Smart homes and insurance
                                  • Sharing economy and insurance
                                  • Key Players – What You Need to Know

                                    • Economical insurance activates multi-channel distribution with launch of direct channel
                                      • Desjardins insurance engages key cultural communities
                                        • Belairdirect launches simplified home insurance quote tool
                                          • Facebook says no to insurance quoting effort
                                            • Insurer launches UK’s ‘first driverless car policy’
                                              • Apps facilitate mobile claims reporting
                                                • Slice offers on-demand insurance for home sharing
                                                • Industry Developments

                                                  • Economical Insurance activates multi-channel distribution with launch of direct channel
                                                    • Intact Financial Corporation makes strategic investment in Metromile
                                                      • Ontario approves insurance plan aimed at Uber
                                                        • Aviva Canada announces the acquisition of RBC General Insurance Company
                                                          • Belairdirect launches simplified home insurance quote tool
                                                            • Facebook says no to insurance quoting effort
                                                              • Ford, Toyota form telematics alliance with other automakers, suppliers
                                                              • Innovations

                                                                • Adrian Flux launches the world’s first driverless car insurance
                                                                  • Robo-insurance advisors
                                                                    • Ageas and Trov launch on-demand insurance apps
                                                                      • Lemonade and other companies bring the sharing economy to insurance
                                                                        • Risk unit based policies
                                                                          • Sure’s on-demand ‘micro-duration’ insurance policies
                                                                            • Slice offers on-demand insurance for home sharing
                                                                              • Assisto and Claim Di facilitate mobile claims reporting
                                                                              • Marketing Campaigns

                                                                                • Sonnet Insurance launches with an optimistic campaign
                                                                                  • Desjardins Insurance engages key cultural communities
                                                                                    • TD’s insurance campaign around customer experience
                                                                                      • Select campaigns from Mintel Comperemedia
                                                                                        • TD highlights its convenient one-stop auto claims solution
                                                                                          • Figure 5: TD insurance auto insurance claims print advertisement, September 2016
                                                                                        • Belairdirect positions itself as a straightforward, trustworthy company
                                                                                          • Figure 6: Belairdirect direct mail campaign, December 2015
                                                                                        • Desjardins promotes switching savings
                                                                                          • Figure 7: Desjardins direct mail switching advertisement, march 2016
                                                                                      • The Consumer – What You Need to Know

                                                                                        • Four in five Canadians have auto and around three in five have home insurance
                                                                                          • Around a third of auto insurance and a fifth of home insurance consumers have submitted a claim in the past seven years
                                                                                            • Intact and TD are the leader in a competitive market
                                                                                              • About one in four are willing to use driving tracking devices
                                                                                                • Satisfaction with insurance claims experience is high
                                                                                                • Insurance Ownership

                                                                                                  • Four in five Canadians have auto and around three in five have home insurance
                                                                                                    • Figure 8: Ownership of insurance products, November 2016
                                                                                                  • Over-55s have the highest auto and home insurance ownership rates
                                                                                                    • Figure 9: Auto and home insurance ownership, by age group, November 2016
                                                                                                  • LGBTs over-index on renters insurance
                                                                                                    • Figure 10: Ownership of auto and home insurance, Overall population vs. LGBTs, November 2016
                                                                                                  • Increasing auto and home insurance ownership among younger consumers
                                                                                                    • Renters insurance and Millennials
                                                                                                    • Auto and Home Insurance Claims Incidence

                                                                                                      • Around a third of auto insurance owners have submitted a claim in the past seven years
                                                                                                        • Figure 11: Auto claim submission incidence, November 2016
                                                                                                      • Young men more likely and older women less likely to have submitted an auto insurance claim
                                                                                                        • Figure 12: Auto claim submission incidence, by gender and age, November 2016
                                                                                                      • About one in five have submitted a home insurance claim in the past seven years
                                                                                                        • Figure 13: Incidence of homeowners insurance claim submission, November 2016
                                                                                                      • Young men more likely to submit a home insurance claim
                                                                                                        • Figure 14: Incidence of homeowners insurance claim submission, by gender and age, November 2016
                                                                                                    • Companies Used for Auto and Home Insurance Claims

                                                                                                      • Intact and TD are the leaders in a competitive market
                                                                                                        • Figure 15: Companies used for auto insurance claims, November 2016
                                                                                                      • Among 18-34s, TD is the leading company
                                                                                                        • Figure 16: Companies (select) used for auto insurance claims, by age, November 2016
                                                                                                      • Intact and TD/Meloche Monnex are also the leaders in home insurance
                                                                                                        • Figure 17: Companies used for homeowners insurance claims, November 2016
                                                                                                      • TD & Wawanesa stronger among younger, Allstate among older consumers
                                                                                                        • Figure 18: Companies (select) used for homeowners insurance claims, November 2016
                                                                                                    • Auto Claims Attitudes and Experience

                                                                                                      • About one in four are willing to use driving tracking devices
                                                                                                        • Figure 19: General attitudes about auto insurance, November 2016
                                                                                                      • Increasing adoption rates of usage-based insurance
                                                                                                        • Most consumers are aware of their auto insurance coverage details
                                                                                                          • Less than half of claim filers would recommend their auto insurer to others
                                                                                                            • Figure 20: Attitudes related to satisfaction with auto claims, November 2016
                                                                                                          • Around three in five claimants believe their claim was handled fairly
                                                                                                            • One in ten read online reviews about auto claims experiences
                                                                                                              • Figure 21: Attitudes related to auto insurance and mobile phones, November 2016
                                                                                                          • Homeowners Insurance Attitudes and Experience

                                                                                                            • Half of consumers agree their home insurance claim was handled fairly
                                                                                                              • Figure 22: Attitudes related to satisfaction with homeowners insurance, November 2016
                                                                                                            • Around one in eight consumers read online reviews about home insurance claims
                                                                                                              • Figure 23: Attitudes related to channels used for home insurance claims, November 2016
                                                                                                            • Younger consumers and digital channels
                                                                                                              • Smart homes and home insurance
                                                                                                              • Satisfaction with Auto and Home Claims

                                                                                                                • Satisfaction with auto claims is high but there is some dissatisfaction about real-time status checks
                                                                                                                  • Figure 24: Satisfaction with auto insurance claim, November 2016
                                                                                                                • Over-45s are more satisfied with their claims experience
                                                                                                                  • Figure 25: Satisfaction with recent auto claims experience (any satisfied), 18-44s vs over-45s, November 2016
                                                                                                                • Practical measures to enhance the auto claims experience
                                                                                                                  • Satisfaction with home claims is high but there is some concern about impact of claim on renewal price
                                                                                                                    • Figure 26: Satisfaction with homeowners insurance claim experience, November 2016
                                                                                                                  • Key driver analysis
                                                                                                                    • Methodology
                                                                                                                      • Explanation of claim adjustment and empathy of staff are attributes that auto insurers need to prioritize in order to drive satisfaction
                                                                                                                        • Figure 27: Key drivers of satisfaction with auto insurance claims and servicing, November 2016
                                                                                                                      • Explanation of claims process and ability to check real-time claim status are attributes that home insurers need to prioritize in order to drive satisfaction
                                                                                                                        • Figure 28: Key drivers of satisfaction with homeowners insurance claims and servicing, November 2016
                                                                                                                    • Appendix – Data Sources and Abbreviations

                                                                                                                      • Data sources
                                                                                                                        • Consumer survey data
                                                                                                                          • Abbreviations and terms
                                                                                                                          • Appendix – Key Driver Analysis

                                                                                                                              • Interpretation of results
                                                                                                                                • Figure 29: Level of satisfaction with auto insurance claims and servicing – Key driver output, November 2016
                                                                                                                                • Figure 30: Level of satisfaction with homeowners insurance claims and servicing – Key driver output, November 2016

                                                                                                                            Companies Covered

                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                            Insurance Claims and Servicing - Canada - January 2017

                                                                                                                            US $3,995.00 (Excl.Tax)