New Canadians and Insurance Market Report 2022
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Description
“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 major banks. New immigrants are also avid users of technology, partly due to their younger demographic profile. This is an excellent opportunity for insurance companies to use technology to connect more deeply with this segment.”
– Sanjay Sharma, Senior Financial Services Analyst
This Report will look at the following areas:
- This Report delves into ownership of insurance products, attitudes towards insurance, reasons driving brand choice and use of technology and apps. Comparisons are drawn between New Canadians and the overall population in Canada in order to better connect and market to this demographic.
- The Report was written between June 27 and July 23, 2022.
Table of Contents
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Overview
- What you need to know
- Definition
- Key issues covered in this Report
- What you need to know
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Executive Summary
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- Top takeaways
- Market overview
- Outlook on New Canadians and insurance
- Figure 1: Outlook for New Canadians and insurance, 2022-27
- Opportunities
- Three in ten New Canadians are open to digital insurers
- New Canadians are more prolific users of insurance apps
- Strong interest among New Canadians in having a smart home
- Challenges
- Converting engagement to sales
- New Canadians equally concerned about privacy of driving trackers
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The Market – Market Perspective
- New Canadians are a major growth market for insurers
- Figure 2: Distribution of foreign-born population by region of birth, 1996-36 (projected)
- Driving tracking devices are mainstream among New Canadians
- Telematics surcharges may slow down adoption
- Smart homes are a growing trend
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- Figure 3: Why pros and customers love ecobee smart thermostats| ecobee, 2022
- Smart homes and home insurance
- Social media platforms
- Inflation will make consumers more price sensitive
- Figure 4: Changes in Consumer Price Index, June 2019-June 2022
- New Canadians are a major growth market for insurers
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Competitive Developments
- Regulator’s report examines impacts of big data and analytics in auto insurance
- Telemedicine: provider-insurer partnerships multiplying
- Figure 5: Maple Instagram post, 2022
- Beneva supports gender transition in group insurance
- Regulator’s report examines impacts of big data and analytics in auto insurance
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Marketing Campaigns
- Belairdirect wants to deliver pizza alongside savings
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- Figure 6: Mysterious Light Switch, 2022
- Onlia finds the joy in signing up for insurance
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- Figure 7: Go Online with Onlia (Car), 2022
- CAA South Central Ontario shows its support for good causes
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- Figure 8: What if? | CAA – Driven by Good, 2022
- Figure 9: Plane | CAA – Driven by Good, 2022
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- Figure 10: Just do it all, Before You Drive!, 2022
- Belairdirect wants to deliver pizza alongside savings
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New Canadians & Insurance: Fast Facts
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Insurance Ownership & Engagement
- New Canadians are younger and less financially stable
- Figure 11: Age breakdown, New Canadians vs overall, 2022
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- Figure 12: Current financial situation, New Canadians vs Overall, 2022
- Consequently, they have significantly lower auto and home insurance
- Figure 13: Ownership of insurance products, New Canadians vs overall, 2022
- Ownership of auto/home insurance spikes after five years in Canada
- Figure 14: Auto and home insurance ownership, by tenure in Canada, 2022
- Age and income also influence ownership of some products
- Figure 15: New Canadians insurance ownership (select), 18-34s vs over-35s, 2022
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- Figure 16: CAA Atlantic Canada Facebook ad, 2022
- Figure 17: Insurance ownership, New Canadians by household income, 2022
- COVID-19 spurs purchase interest among New Canadians
- Figure 18: COVID-19’s impact on purchase interest (% agree), New Canadians vs overall, 2022
- New Canadians are conscientious and knowledgeable about insurance
- Figure 19: General attitudes towards insurance (% agree), New Canadians vs overall, 2022
- Converting engagement to sales
- Figure 20: Our commitment to the future – Canada Life, May 2022
- New Canadians are younger and less financially stable
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Mobile Apps
- New Canadians are more prolific users of insurance apps
- Figure 21: Mobile app usage, New Canadians vs overall, 2022
- Higher usage linked to ease with digital
- Figure 22: Mobile app related attitudes (% agree), New Canadians vs overall, 2022
- Some New Canadians find insurance mobile apps hard to use
- New Canadians are more prolific users of insurance apps
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Insurance Purchase Attitudes
- Strong preference for buying insurance through humans
- Figure 23: Select insurance purchase attitudes (% agree), New Canadians vs overall, 2022
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- Figure 24: Desjardins Insurance Facebook ad, 2022
- Half have used a comparison site
- Most new Canadians are interested in multi-policy discounts
- Figure 25: Select insurance purchase attitudes (% agree), New Canadians vs overall, 2022
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- Figure 26: Aviva Facebook ad, 2022
- Customized term length life insurance interests many New Canadians
- Figure 27: Insurance for your life – Canada Life, 2021
- Switching is cumbersome for a majority of new Canadians
- Figure 28: Belairdirect Facebook ad, 2022
- Three in five new Canadians prefer to buy through member associations
- Half of New Canadians associate insurance with peace of mind
- Figure 29: Purchase-related attitudes, New Canadians vs overall, 2022
- Strong preference for buying insurance through humans
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Digital Attitudes
- New Canadians are more active and open to digital
- Figure 30: Digital-related attitudes (% agree), New Canadians vs overall, 2022
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- Figure 31: Duuo Facebook ad, 2022
- More than half of New Canadians willing to use health tracking devices
- Figure 32: Getting Started with Manulife Vitality Group Benefits, 2020
- Canadians are enthusiastic about posting reviews and social media discussion
- Three in ten New Canadians are open to digital insurers
- Figure 33: Digital attitudes (select), New Canadians vs overall, 2022
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- Figure 34: Onlia Facebook ad, 2022
- Figure 35: Nowly Insurance Instagram post, 2022
- A third of New Canadians interested in using live chat
- New Canadians are more active and open to digital
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Driving Tracking & Smart Home Devices
- High usage of driving tracking devices among New Canadians
- Figure 36: Attitudes related to driving tracking devices (% agree), New Canadians vs overall, 2022
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- Figure 37: Allstate Facebook ad, 2022
- Figure 38: CAASCO Facebook ad, 2021
- New Canadians equally concerned about privacy
- Strong interest among New Canadians in having a smart home
- Figure 39: Attitudes related to smart homes (% agree), New Canadians vs overall, 2022
- High usage of driving tracking devices among New Canadians
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Improving the Insurance Experience
- New Canadians are enthusiastic about seeking improvements
- Figure 40: Interest in improvement from the insurance industry, New Canadians vs overall, 2022
- New Canadians are calling for more transparency in pricing and claims
- Half are interested in more education on policy coverages
- Figure 41: Know Your Policy, 2017
- Two in five would like videos to explain the claims process
- Figure 42: Auto Claims Experience – TD Insurance, 2019
- More than a third would like dedicated websites for new immigrants
- A third of New Canadians would like better social media presence
- Three in ten would like videos on better safety and driving habits
- Figure 43: AVOID SPEEDING – Fuel Efficient Driving Tips, 2022
- Figure 44: Detecting collisions faster to improve road safety with PreAct | Aviva Canada, 2020
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- Figure 45: Road Safety: Taming the Wild Road, 2021
- One in four would like more community presence
- Figure 46: TD Insurance Auto Centres – “Slapshot”, 2022
- One in four would like more investment in community initiatives
- Figure 47: Bounce back stronger with Desjardins, 2021
- New Canadians are enthusiastic about seeking improvements
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Abbreviations and terms
- Data sources
About the report
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