“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.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
      • 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
                            • 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
                              • 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)
                                              • 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
                                                    • Innovations in Insurance – Fast Facts

                                                      • 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
                                                      • 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
                                                        • 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
                                                          • 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
                                                            • 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
                                                                • 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
                                                                • 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
                                                                • Appendix – Data Sources and Abbreviations

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

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