2022
8
Canada Innovations in Insurance Market Report 2022
2022-12-23T03:04:48+00:00
OX1100475
3695
158941
[{"name":"Insurance","url":"https:\/\/store.mintel.com\/industries\/financial-services\/insurance"}]
Report
en_GB
"Technology is resulting in a closer interweaving of customer lifestyles with insurance companies as consumers are showing more willingness to use devices that result in better outcomes while benefiting in…
  1. /
  2. All Industries
  3. /
  4. Financial Services
  5. /
  6. Insurance
  7. /
  8. Canada Innovations in Insurance Market Report 2022

Canada Innovations in Insurance Market Report 2022

Consumer Reports - What's Included
  • Multiple Report Formats
  • Access to our Clients Portal
  • Interactive Databook
  • Custom Presentation Tool

“Technology is resulting in a closer interweaving of customer lifestyles with insurance companies as consumers are showing more willingness to use devices that result in better outcomes while benefiting in the form of lower prices.”

– Sanjay Sharma, Senior Financial Services Analyst

This Report will look at the following areas:

  • This Report focuses on the recent innovations in the insurance industry, touching on ownership, usage and attitudes as well as the innovations consumers would be most interested in using.
  • The Report was written between November 14 and December 2, 2022.
Collapse All
  1. Overview

    • What you need to know
    • Key issues covered in this Report
  2. Executive Summary

    • Top takeaways
    • Market overview
    • Outlook on innovations in insurance
      • Figure 1: Outlook for innovations in insurance, 2022-27
    • Opportunities
    • Tech can alleviate quality of life and reduce claims
    • Using social media to drive engagement
    • Four in ten 18-54s are open to wellness programs
    • Over-55s are more interested in “tangible” rewards
    • Challenges
    • Trust in insurance companies
    • Boosting interest in apps
  3. The Market – Market Perspective

    • Canada’s population is aging
      • Figure 2: Proportion of 0-14s and over-65s in the Canadian population, 1988-2068*
    • Inflation will make consumers more price-sensitive
      • Figure 3: Changes in Consumer Price Index, 2019-22
    • Smart homes and home insurance
      • Figure 4: Why pros and customers love ecobee smart thermostats| ecobee, 2022
    • How will health innovations change health insurance
  4. Competitive Developments

    • Health insurance news
    • Insurers see leap in claims for mental health services amid pandemic strains
    • Medavie Blue Cross launches “Text Therapy” to enhance access to mental health and wellness services
    • Digital insurance
    • PolicyMe raises $18 million to scale its product suite and B2B2C distribution
    • HelloSafe raises $4.2 million to accelerate deploying its financial comparison solutions in Canada
    • Emma closes financing
    • Amazon launches home insurance offer (UK)
  5. Marketing Campaigns

    • Desjardins takes its youth initiative out of the classroom
      • Figure 5: Helping you find your way, August 2022
    • ICBC kicks off two road safety initiatives
    • Belairdirect wants to deliver pizza alongside savings
      • Figure 6: Mysterious Light Switch, 2022
  6. Innovations in Insurance – Fast Facts

  7. Insurance Ownership

    • Four in five consumers have either auto or homeowners’ insurance
      • Figure 7: Ownership of insurance products, 2022
    • Most over-55s are insured
      • Figure 8: Ownership of auto and homeowner insurance, by age, 2022
      • Figure 9: Ownership of employer and individual health insurance , by age, 2022
      • Figure 10: Saskatchewan blue cross Facebook ad, 2022
      • Figure 11: Sun life Canada Facebook ad, 2022
      • Figure 12: Ownership of life insurance, by age, 2022
      • Figure 13: Canada Protection Plan Facebook ad, 2021
      • Figure 14: Ownership of mobile device and ID theft insurance, by age, 2022
      • Figure 15: LifeLock by Norton Facebook ad, 2022
  8. Mobile Apps

    • App usage is still relatively low
      • Figure 16: Insurance policies accessed via mobile apps, 2022
    • Over-55s have much lower usage of apps overall
      • Figure 17: Insurance policies accessed via mobile apps, by age, 2022
    • Women have a lower usage while being equally interested in some features
      • Figure 18: Insurance policies accessed via mobile apps, by age and gender, 2022
    • Usage and interest in app features
      • Figure 19: Usage of and interest in app features, 2022
    • Boosting app usage among older consumers
      • Figure 20: Usage of app features, by age, 2022
      • Figure 21: Usage of app features, by age and gender, 2022
    • Increasing interest in app usage
      • Figure 22: Interest in app features, by age, 2022
      • Figure 23: Interest in app features, men vs women, 2022
  9. Tech Devices

    • Fitness trackers and smart home devices are more popular
      • Figure 24: Usage and interest in tech devices, 2022
    • Usage and interest is influenced by age
      • Figure 25: Usage of tech devices, by age, 2022
      • Figure 26: Interest among non-users, by age, 2022
    • While men have a higher usage, women are equally interested in most devices
      • Figure 27: Usage of tech devices, men vs women, 2022
      • Figure 28: Allstate Facebook ad, 2022
    • Tech can raise quality of life and reduce claims
  10. Tech Attitudes

    • Almost half of consumers want their house to be a smart home
      • Figure 29: Technology related attitudes, 2022
    • Young men are most keen on smart homes
      • Figure 30: “I want my house to be a “smart home” that I can control from my phone” (% agree), by age and gender, 2022
      • Figure 31: How to customize your temperature with Comfort Settings | ecobee, 2022
    • Two-thirds of 18-34s would rather use a mobile app than deal with a human
      • Figure 32: “I would rather use a mobile app than deal with a human” (% agree), by age and gender, 2022
      • Figure 33: Sonnet Insurance Facebook ad, 2022
    • Social media engagement on insurance is still low
      • Figure 34: Social media related attitudes (% agree), by age and gender, 2022
    • Using social media to drive engagement
  11. Improving the Insurance Experience

    • Half of consumers would like renewal rewards
      • Figure 35: Interest in insurance features (any rank), 2022
    • Over-55s are more interested in “tangible” rewards
      • Figure 36: Interest in rewards and multi-policy discounts (any rank), by age, 2022
      • Figure 37: Aviva mobile display ad, 2022
    • Half of over-55s interested in multi-policy discounts
      • Figure 38: Allstate Facebook ad, 2022
      • Figure 39: TD Insurance desktop display ad, 2022
    • Three in ten consumers interested in maintenance recommendations
      • Figure 40: CAA Facebook ad, 2022
      • Figure 41: Interest in discounts (any rank), by age, 2022
      • Figure 42: TD Insurance Facebook ad, 2022
    • Younger consumers more interested in free/discounted smart devices
      • Figure 43: Interest in devices, customizable policies and advice (any rank), by age, 2022
    • Customizable policies appeal to one in five customers
    • Advice relevant to the type of insurance matters more to 18-54s
      • Figure 44: Living a successful life with Type 1 Bipolar Disorder, 2022
    • Policy management via app and driving tracking appeals to a section of consumers
      • Figure 45: Interest in policy management and driving tracking (any rank), by age, 2022
  12. General Attitudes

    • Half of consumers are interested in identity theft protection insurance
      • Figure 46: “I am interested in ID theft protection insurance” (% agree), 2022
      • Figure 47: Discover Facebook ad, 2022
    • Trust in insurance companies
      • Figure 48: General attitudes towards insurance (% agree), by age, 2022
      • Figure 49: BCAA Facebook ad, 2022
      • Figure 50: Our commitment to the future – Canada Life, 2022
    • Young men most enthusiastic about mobile insurance and comparison sites
      • Figure 51: Attitudes towards mobile devices and third-party sites (% agree), by age and gender, 2022
    • Majority do not agree that brokers have become less important
      • Figure 52: The Broker Advantage | Insurance Brokers Association of Canada, 2021
      • Figure 53: Purchase attitudes towards insurance (% agree), by age, 2022
  13. Health-related Attitudes

    • Strong calls to focus more on preventative and mental care
      • Figure 54: Attitudes towards healthcare (% agree), men vs women, 2022
      • Figure 55: Your financial, physical and mental well-being – Canada Life, 2022
    • Around three in 10 interested in drone prescription delivery and health monitors
      • Figure 56: Attitudes towards drone prescription delivery and health monitors (% agree), by age and gender, 2022
    • Four in ten 18-54s are open to wellness programs
      • Figure 57: Manulife Vitality Facebook ad, 2022
      • Figure 58: “I would join a wellness program to get better rates on health insurance” (% agree), by age, 2022
  14. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Consumer qualitative research
    • Abbreviations and terms

Why Mintel?

Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.

Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:

  • Multiple Report Formats: Mintel’s reports are available in PDF and PPT formats, and arrive in your inbox alongside an Excel datasheet, so you can easily share Mintel’s market intelligence.
  • Access to Mintel’s Clients Portal: After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal, providing instant access to supplementary insights from Mintel’s industry experts.
  • Interactive Databook: Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.
  • Custom Presentation Tool: Easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.

Take a look at a sample PDF report below:

Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 3,695 (Excl.Tax)
  • Instant access when you pay by credit card.
  • Save 10% on all purchases with the code: INSIGHTS2024. Offer available until 31st December.
Buy now

Is this report right for you?

From consumer reports to customised growth strategies. We have an option to suit your business requirements.

Find out more

Popular Related Reports

Global Outlook on Sustainability: A Consumer Study 2024-25

£ 5,000£ 21,600

Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...

Find out more

Canada Creditor and Travel Insurance Market Report 2022

£ 3,695

“Human channels of distribution remain the most preferred method of purchase for both creditor and travel insurance. While both are considered valuable products to have, they have attracted...

Find out more

Canada Health Insurance Market Report 2023

£ 3,695

“An aging population and record levels of immigration will ensure strong demand for health insurance in the coming years. Though employer coverage is the dominant channel for acquisition,...

Find out more

Canada New Canadians and Insurance Market Report 2022

£ 3,695

"New Canadians are poised to become an ever important growth market for insurers. This means larger insurance companies will have to adopt dedicated newcomer strategies akin to the...

Find out more

Canada Life Insurance Market Report 2024

£ 3,695

As with most insurance products, consumers remain most likely to prioritize monthly premiums rather than other experiential factors (eg the application process) when selecting a carrier. Life insurance...

Find out more

Canada Auto and Home Insurance Market Report 2023

£ 3,695

“The P&C industry is experiencing steady growth and increasingly using technology to connect better with customers, drive customized pricing and enhance efficiency. But satisfaction is not high and...

Find out more

Trusted by global industry leaders

Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.

It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.

Pauline Robson, Managing Partner, Mediacom

Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.

Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.

Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon

We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.

Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.

Zac Steele, E-Commerce Trading Development Manager, Waitrose & Partners

When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.

They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.

So overall, it’s the level of detail and the quality of forecasting that really stand out for me.

Rebecca Green, Market Insight Manager, Wincanton

At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.

Alana Gavin, VP Research and Insights, Jackman

Is this report right for you?

From consumer reports to customised growth strategies. We have an option to suit your business requirements.

Find out more