Canadians want latest tech from insurance companies: survey

From digital communications to usage-based auto insurance, Canadians want their insurance companies to use the latest technology, says a survey by the Insurance Bureau of Canada.

Almost six in 10 Canadians (58%) who pay for auto insurance would choose to receive their insurance documents online or electronically if that option were available. More than seven in 10 millennials (71%) would choose that option. Currently, few insurance documents can be sent that way, said IBC in a release.

The majority of those surveyed (54%) believe online insurance information is just as safe as paper-based information, while 61% of millennials share that belief.

Read: Accessing insurance policy value through a policy load

“How we engage with our customers is evolving and consumer expectations are changing,” said Don Forgeron, president and CEO of IBC, in the release. “As insurers, we need to have the ability to adapt to the rapid changes that are impacting our business.”

Canadians also commented on the fairness in auto insurance pricing. Two-thirds of those surveyed (66%) who have auto insurance agree determining premiums based on driving performance or vehicle usage would be a fair way to price auto insurance. Six in 10 respondents would be willing to share their personal information if it results in lower auto insurance premiums.

IBC is using these findings to argue there’s a need for regulators to allow for greater innovation in regulation overseeing the insurance industry.

Also read:

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.