IBC: More Canadian customers want insurers to utilize tech

The Insurance Bureau of Canada (IBC) has revealed the results of its latest survey, which revealed that most Canadian customers prefer “tech-enabled” insurance products and services.

Nearly six in 10 respondents (58%) who pay for auto insurance said that they would choose to receive their insurance documents either online or electronically. Among millennials, that number increases to 71%.

The same report found that two-thirds of Canadians (66%) who have auto insurance said that determining premiums based on driving performance or vehicle usage is a fair method.

Other key findings of the survey include:

• 54% of respondents believe online insurance information is just as safe as paper-based insurance information; the number is 61% among millennials.
• 60% of respondents said they are willing to share personal information if it meant their auto insurance premiums would be lower.
• More than half of millennials (54%) are interested in driving autonomous vehicles, compared to 37% of the general population.
• 58% of millennials say roads will be safer when all vehicles are autonomous.
• 54% said their insurers are their second most trusted sources for information on how to reduce flood risk, just behind science/flood experts.
• 47% of Canadians want to learn more about their home insurance policies; similarly, 45% want to understand their auto insurance more.

“We are living in an age of disruption. How we engage with our customers is evolving and consumer expectations are changing,” commented IBC president and CEO Don Forgeron.

Forgeron challenged insurers to keep up with the technological needs of consumers.

“As insurers, we need to have the ability to adapt to the rapid changes that are impacting our business. Only by embracing innovation and new ways of thinking will we be able to keep the door open to new products and services and new ways of delivering them to Canadians.”