Canadian consumers feel under-informed about insurance products
Education, digitalization, and hyper-personalization were identified as key industry priorities in a recent insurance survey from Capco. The consulting firm surveyed 1,000 Canadian customers as part of a global survey of nearly 14,000 people to gauge attitudes towards insurance.
A new consumer survey from Capco has found that just under half of Canadian respondents (46%) feel uncertain or ill-informed about currently available insurance products. Only 54% of Canadian respondents feel well-informed about insurance products today, while 24% are not sure and 22% class themselves as "not informed."
This confidence level is the lowest of all 13 countries surveyed (63% average), some of which have less mature economies and insurance industries than Canada.
“Insurers can deliver value-add customer experiences that create more customer touchpoints over the policy term,” Joanna Lewis, partner at Capco, said. “Most consumers are not engaging with their financial products actively, impacting the level of their insurance coverage. Our Canadian and global data reveals confidence, availability of information, and education levels have a dramatic effect on the number of policies owned.”
Snapshot of Capco's global insurance survey results
Capco has also identified digitalization as a key industry priority. Approximately 61% of Gen Z (18-24) and 61% of Gen Y (25-34) policy-owning respondents want a better digital experience from their insurer. Across all policy-holding age groups, 58% of respondents favour the concept of an app that offers better visibility across all their financial products.
The Capco report also indicates that consumers showed a willingness to share personal data, with 90% of Gen Z respondents, 75% of Gen Y respondents, and 65% of Xennial respondents saying they would share their data in some shape or form.
When asked, “What would convince you to have insurance?”, the leading answer among uninsured respondents was "more affordable premiums" (58%).
