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Use of Insurance and Mortgage Brokers - Canada - August 2015

“Improving the reputation and image of insurance brokers will require a commitment from the insurance industry to address issues surrounding transparency around broker compensation.”

– Sanjay Sharma, Senior Financial Services Analyst

This report looks at the following issues:

  • Leveraging high levels of satisfaction with mortgage brokers to increase usage
  • Insurance brokers: satisfaction is high but trust issues persist
  • Increasing awareness and improving the images of both insurance and mortgage brokers
  • Increasing share of wallet among insurance industry supporters

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Table of contents

  1. Introduction

      • Methodology
        • Abbreviations
          • Regional classifications
            • Excluded
            • Executive Summary

                • Market factors
                  • Overall negative impact of lower oil prices on the Canadian economy
                    • Outlook on the real estate and housing market
                      • Household debt in Canada
                        • Population count and growth in Canada
                          • Communications and promotional campaigns
                            • The consumer
                              • Around half of Canadians have used an insurance broker in the past five years
                                • Figure 1: Use of insurance brokers, June 2015
                              • Preference for directly dealing with the company is the main reason for not using brokers
                                • Figure 2: Reasons for not using a broker, June 2015
                              • Majority are satisfied with their insurance broker but transparency about compensation is a concern
                                • Figure 3: Attitudes towards insurance brokers, June 2015
                              • Mortgage brokers register high satisfaction scores
                                • Figure 4: Attitudes towards mortgage brokers, June 2015
                              • What we think
                              • Issues and Insights

                                  • Leveraging high levels of satisfaction with mortgage brokers to increase usage
                                    • The facts
                                      • The implications
                                        • Insurance brokers: satisfaction is high but trust issues persist
                                          • The facts
                                            • The implications
                                              • Increasing awareness and improving the images of both insurance and mortgage brokers
                                                • The facts
                                                  • The implications
                                                    • Increasing share of wallet among insurance industry supporters
                                                      • The facts
                                                        • The implications
                                                        • Trend Application

                                                            • Trend: Guiding Choice
                                                              • Trend: FSTR HYPR
                                                                • Trend: Return to the Experts
                                                                • Market Drivers

                                                                  • Key points
                                                                    • Economic overview
                                                                      • Overall negative impact of lower oil prices on the Canadian economy
                                                                        • Figure 5: Canada’s GDP, by quarter, Q4 2008-Q4 2014
                                                                        • Figure 6: Household disposable incomes and savings in Canada, by quarter, Q4 2008-Q4 2014
                                                                        • Figure 7: Canada’s unemployment rate, by gender, 2008-15
                                                                      • Impact of interest rates, inflation and exchange rates
                                                                        • Figure 8: Inflation rates in Canada (%), 2004-14
                                                                      • Bank of Canada cuts interest rate to 0.5%
                                                                        • Figure 9: Canada bank rate by month, 2005-15
                                                                      • Outlook on the real estate and housing market
                                                                        • Consumer Confidence
                                                                          • Figure 10: Consumer Confidence Index, monthly, January 2008-February 2015
                                                                        • Household debt in Canada
                                                                          • Demographic overview
                                                                            • Population count and growth in Canada
                                                                              • Figure 11: Share of population of Canada, by territory/province, 2015 (projected)
                                                                            • Minority groups account for less than 20% of Canada’s population
                                                                              • Figure 12: Estimated population of Canada, by ethnicity, 2011
                                                                            • Canada’s population is expected to age in the coming years
                                                                              • Figure 13: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
                                                                              • Figure 14: Projected trends in the age structure of the Canada population, 2014-19
                                                                          • Strengths and Weaknesses

                                                                            • Strengths
                                                                              • Weaknesses
                                                                              • Companies and Products

                                                                                  • Dominion Lending Centres
                                                                                    • Invis/Mortgage Intelligence
                                                                                      • Mortgage Alliance
                                                                                        • BrokerLink
                                                                                          • Hub International
                                                                                            • Western Financial Group
                                                                                              • InsureBC
                                                                                              • Brand Communication and Promotion

                                                                                                • Key points
                                                                                                  • Insurance Brokers Association of Canada advertisements
                                                                                                    • Key messages
                                                                                                      • Canadian Association of Accredited Mortgage Professionals (CAAMP) advertisements
                                                                                                        • Advertising and messages
                                                                                                        • The Consumer – Use of Insurance Brokers

                                                                                                          • Key points
                                                                                                            • Around half of Canadians have used an insurance broker in the past five years
                                                                                                              • Figure 15: Use of insurance brokers, June 2015
                                                                                                            • Young females report the lowest usage of insurance brokers
                                                                                                              • Figure 16: Use of insurance brokers, by age and gender, June 2015
                                                                                                          • The Consumer – Type of Insurance Purchased Through a Broker

                                                                                                            • Key points
                                                                                                              • Auto and home insurance most commonly purchased through a broker
                                                                                                                • Figure 17: Types of insurance purchased through a broker, June 2015
                                                                                                              • Females over-index on the purchase of four or more products through a broker
                                                                                                                • Figure 18: Repertoire of types of insurance purchased through a broker, June 2015
                                                                                                            • The Consumer – Use of Mortgage Brokers

                                                                                                              • Key points
                                                                                                                • Around a quarter of Canadians have used a mortgage broker in the past five years
                                                                                                                  • Figure 19: Use of mortgage brokers, June 2015
                                                                                                                  • Figure 20: Use of mortgage brokers, by age, June 2015
                                                                                                              • The Consumer – Types of Mortgage Bought Through Brokers

                                                                                                                • Key points
                                                                                                                  • Renewal of existing mortgage is the most common type of mortgage purchased through a broker
                                                                                                                    • Figure 21: Types of mortgage purchased through a broker, June 2015
                                                                                                                  • Younger consumers more likely to be using brokers for first-time mortgages
                                                                                                                    • Figure 22: Type of mortgage purchased through brokers, by age, June 2015
                                                                                                                • The Consumer – Reasons for Not Using a Broker

                                                                                                                  • Key points
                                                                                                                    • Preference for directly dealing with the company is the main reason for not using brokers
                                                                                                                      • Figure 23: Reasons for not using a broker, June 2015
                                                                                                                  • The Consumer – Attitudes towards Insurance Brokers

                                                                                                                    • Key points
                                                                                                                      • Summary of attitudes
                                                                                                                        • Figure 24: Attitudes towards insurance brokers, June 2015
                                                                                                                      • Majority are satisfied with their insurance broker but transparency about compensation is a concern
                                                                                                                        • Figure 25: Attitudes regarding satisfaction with insurance brokers, June 2015
                                                                                                                      • Around two in three consumers agree usage of brokers is product dependent
                                                                                                                        • Figure 26: Attitudes about the value-added services offered by insurance brokers, June 2015
                                                                                                                      • Older males more likely to prefer specialized insurance companies
                                                                                                                        • Figure 27: Attitudes about the insurance industry, June 2015
                                                                                                                    • The Consumer – Attitudes towards Mortgage Brokers

                                                                                                                      • Key points
                                                                                                                        • Summary of attitudes
                                                                                                                          • Figure 28: Attitudes towards mortgage brokers, June 2015
                                                                                                                        • Mortgage brokers register high satisfaction scores
                                                                                                                          • Figure 29: Attitudes regarding satisfaction with mortgage brokers, June 2015
                                                                                                                        • Younger consumers more likely to be influenced by their broker on their mortgage decision
                                                                                                                          • Figure 30: Attitudes about the influence of mortgage brokers, June 2015
                                                                                                                        • Middle age consumers report the strongest understanding of borrowing options in the market
                                                                                                                          • Figure 31: Other attitudes regarding mortgages and borrowing, June 2015
                                                                                                                      • The Consumer – Chinese Canadians and Brokers

                                                                                                                        • Key points
                                                                                                                          • Chinese Canadians report a higher usage of insurance and mortgage brokers
                                                                                                                            • Figure 32: Use of insurance and mortgage brokers, Chinese Canadians vs overall population, June 2015
                                                                                                                          • Chinese Canadians less satisfied with the service provided by their insurance broker
                                                                                                                            • Figure 33: Attitudes towards insurance brokers, Chinese Canadians vs overall population, June 2015
                                                                                                                        • The Consumer – Target Groups

                                                                                                                          • Key points
                                                                                                                            • Three target groups
                                                                                                                              • Figure 34: Target Groups, June 2015
                                                                                                                            • Insurance Industry Lovers (52%)
                                                                                                                              • Unimpressed (25%)
                                                                                                                                • Broker Enthusiasts (23%)

                                                                                                                                Companies Covered

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

                                                                                                                                Use of Insurance and Mortgage Brokers - Canada - August 2015

                                                                                                                                £3,199.84 (Excl.Tax)