Canadians want digital access to insurance documents: IBC

Nearly 6 in 10 Canadians (58%) who pay for auto insurance would choose to receive their insurance documents online or electronically if it were available to them, finds a survey by Insurance Bureau of Canada (IBC). That the number increases to 71% among millennials.

In addition, two-thirds of Canadians who have auto insurance agree that determining premiums based on driving performance or vehicle usage is a fair way to price auto insurance.

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

Here are some additional key findings from the survey.

• Canadians want digital communications. 
  • 54% of respondents believe online insurance information is just as safe as paper-based insurance information. This number is 61% among millennials.
• Consumers want fair competition.   
  • 66% of those who have auto insurance agree that determining premiums based on driving performance or vehicle usage is a fair way to price auto insurance.
  • 60% of respondents are willing to share personal information if it means that auto insurance premiums would be lower.
• Autonomous vehicles are on the minds of millennials. 
  • 54% of millennials 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.
• Education and advocacy are playing an increasingly prominent role for insurers.
  • 54% of Canadians say their insurance company is their second most trusted source, only after a science or flood expert in their region, for information on how to reduce flood risk at home.
  • Canadians want to learn more about their home and auto insurance policies (47% and 45% respectively).

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This story was originally published by Canadian Insurance Top Broker.