May 26, 2023 by Alyssa DiSabatino
Despite the hard market slowing down service capabilities in some areas of the P&C industry, Canadian consumers seem satisfied with their insurance policies, according to a recent survey by insurance software company Duck Creek Technologies.
Almost all insured Canadians who were surveyed (96%) felt confident to very confident in the coverage they bought, according to Duck Creek’s Global Consumer Insurance Insights survey.
Plus, the industry gets top marks for consumer satisfaction—most report a good to very good experience buying insurance, according to feedback from over 2,000 insurance consumers globally, including preferences from Canadian consumers.
“I can select the services that work best for me and get advice when I need it but there are no pushy sales reps,” wrote one Canadian consumer between 36 and 45 years old.
On the other hand, another Canadian consumer (age 46-55) lamented that service and terms are subpar and unclear: “Rates increase significantly right after purchasing quoted amount.”
Overall, though, consumers hold a lot of faith in their trusted advisors, the results find. When it comes to placing coverage, 49% of consumers value advice from their broker when searching for a policy, while 34% seek referrals from family and friends, and 31% search the internet.
Competition in the industry seems to be proving its worth, because 89% of consumers believe, when it comes to switching insurance, there is a good range of choices to meet their needs.
One-third (32%) prefer to switch their insurance online—a drop from the previous year’s 52%.
Meanwhile, the survey shows a split between those who prefer making changes to their policy online versus in-person, the Duck Creek report notes.
When it comes to making changes to their policy, Canadians largely prefer to do so over the phone (38%), by going to their local brokerage branch (25%) or through a website (24%).
“It’s perhaps unsurprising to note that younger groups prefer using online services more than older groups,” Duck Creek writes of the global results, which reflect Canada’s findings.
For most consumers (77%), making changes to their policy was no more or less difficult than getting the policy in the first place. Another 23% said it was easier. None indicated it was harder.
Feature image by iStock.com/SDI Productions