Insurance Purchase Channels - Canada - September 2016
“On-demand insurance through digital channels is set to increase in popularity but for now traditional channels dominate the distribution landscape.”
– Sanjay Sharma, Senior Financial Services Analyst
This report will cover the following areas:
- Auto, life and home insurance have the highest ownership rates
- Type of distribution channel used is product dependent
- Around half of consumers are open to switching for a major price cut
- Brokers are generally viewed favourably, but some trust issues persist
- Most insurance is sold through people
Insurance companies are leveraging multiple distribution channels to suit customer preferences including traditional channels such as brokers and agents, through affinity programs with member associations, retail outlets, travel agencies, through employers for group sales, digital channels, etc. But they also face competition from banks who are aggressively promoting sales of certain insurance products through their subsidiaries (banks in Canada are prohibited from selling most types of insurance through their branches).
Insurance purchase channels and distribution structures are evolving with technology and time as digital channels and on-demand insurance products are gaining market acceptance. For now, agents and brokers play an important role but there is more demand for value-added advice.
This Report covers consumer attitudes and behaviour related to the different purchase channels used for different insurance products. It explores usage of purchase channels, methods of distribution, willingness to buying insurance online, openness to use newer methods of distribution and attitudes about buying insurance.
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