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Innovations in Insurance - Canada - July 2019

Covered in this report

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.

“Insurance app usage is low, particularly among older consumers, underscoring the need for insurers to incentivize engagement.”
– Sanjay Sharma, Senior Financial Services Analyst

This Report will cover the following areas:

  • Blockchain and insurance
  • Impact of the sharing economy on insurance
  • Impact of autonomous vehicles on auto insurance
  • Smart homes and home insurance

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What's included

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Table of contents

  1. 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

                                                                                                      Innovations in Insurance - Canada - July 2019

                                                                                                      £3,435.47 (Excl.Tax)