1、The future of home andauto insurance Bringing the Canadian customer into focusCanadian Financial ServicesBrochure/report title goes here|Section title goes here 2What makes home and auto insurance attractive to customers?Deloitte surveyed over 8,000 customers from eight countries and discovered coun

2、try-specific findings in customers wants and needs.Here,we discuss the findings observed among Canadian customers and how the current state of the world is shifting their needs.ContentsIntroduction 1Keep it simple 3Offer flexible and affordable options 7Address privacy concerns 8Build trust in claim

3、s 9Continuing shift to digital channels 10Conclusion 13Appendix 14Contact 15The future of home and auto insurance Bringing the Canadian customer into focus1IntroductionThe last twelve months have been an unexpected period of immense disruption and change.How havethese changes impacted what insurance

4、 customers want?Now is an important time to reassess the needs of customers as we have experienced an unprecedented shift to a new normal.Travel restrictions,avoidance of nonessential outings,and the shift to working at home have left many customers questioning the value of their insurance premiums.

5、Conversely,because of the pandemic,customers have been exposed to risks outside their current coverage.For example,some individuals need expanded auto insurance coverage because they have entered the food delivery business to supplement lost wages.Others are left wondering if their home insurance is

6、 sufficient to protect their new home office.Insurers must figure out how to meet the needs of customers as they evolve during these uncertain times.Canadian insurers stepped up during the immediate response to the pandemic by offering relief to their customers through partial reimbursements,tempora

7、ry premium reductions,payment deferrals,and flexible payment schedules.1 This relief has helped customers,but as we continue to look forward to the new normal,what will customers be looking for from their insurance providers?The future of home and auto insurance Bringing the Canadian customer into f

8、ocus2Over 8,000 individuals across eight countries responded to a survey conducted by Deloitte during the height of the pandemic to explore the demand for different home and auto insurance products and services.From this data,our team identified clear signals of what customers want,to help insurers

9、guide the launch of new products,services,and partnerships.The global survey results are summarized in full in The future of home and motor insurance:What do customers want?Below we discuss the preferences revealed by the 1,012 Canadian respondents and compare and contrast these findings with intern

10、ational markets.Insights for insurers to fuel growth:1.Keep product offerings simple to allow customers to understand their coverage 2.Provide flexible and affordable offerings that are tailored toindividual needs 3.Address data privacy concerns for connected offerings 4.Build trust in the claims pr

11、ocess5.Continuing shift to digital channels We discuss these opportunities in detail below.The future of home and auto insurance Bringing the Canadian customer into focus3Keep it simpleThough there is diversity in preferences,customers tend to favour simplicity.Figure 1 shows customers key reasons f

12、or liking or disliking several products and services(see the Appendix for product descriptions).Figure 1:Key reasons for liking or disliking products and servicesProductPercentage product#1 choiceLikesDislikesHomeAutoBasic31%31%Simple and easy-to-understand Basic cover and affordable Privacy is prot

13、ected No value-added services Less flexibility and least adjustable Very basic and standard productSelf-controlled and adjustable22%21%Flexible and adjustable Personalized to different needs and affordable Better ownership control Complicated and time-consuming process Hassle in self-management of c

14、ontent coverageConnected and cost-focused13%15%Ability to control premium costs as it is usage-based Information on cost reduction Ownership control and flexibility Intrusive Privacy concerns and insecurity related to continuous monitoringFreedom to moveNA15%Security and peace of mind Flexible cover

15、age options Convenient and reliable Unnecessary extra services Less need for a wider coverage option Can be expensiveInvisible12%10%Convenient and hassle-free process Automatically covered as part of mortgage Lack of transparency and disclosure No freedom of choice Lack of flexibility and ownership

16、controlConnected and preventative 11%NA Alert feature when problem or issue detected Safety and security Information on cost reduction Intrusive Privacy concerns and insecurity for continuous monitoring Complicated and difficult to understand Connected and broad service NA9%Wide range of services Re

17、mote diagnostic and preventive maintenance features Personalized Ownership control Intrusive Privacy concerns due to continuous monitoring Complicated and difficult to understandHome Concierge10%NA 24x7 support available Access to repair services Security and peace of mind Privacy concerns and insec

18、urity for continuous monitoring Complicated and difficult to understand Expensive Forced to choose repairperson provided by insurerAlmost one-third(31 percent)of Canadian respondents selected basic coverage as their preferred choice for home and auto insurancecustomers like that the coverage is simp

19、le,relatively easyto understand,and affordable.Simple products provide confidence in what is covered,issues in identifying coverage have risen in prominence due to the pandemic.This preference for basic coverage and simplicity follows similar trends in home and auto insurance in the United States,Fi

20、gure 2:The percentage of international respondents that ranked each home insurance product as their first choiceUnitedKingdom,and Germany(see Figures 2 and 3).In the UnitedKingdom,price comparison websites allow customers to find the most affordable basic offerings.The popularity of these websites i

21、ncreased price competition and led to severe industry-wide erosion of underwriting profit margins.2 Price competition mayincrease going forward in the Canadian marketplace,especially as the pandemic and its repercussions have threatened financial security and expedited a push towards digitization.Fi

22、gure 3:The percentage of international respondents that ranked each auto insurance product as their first choiceThe future of home and auto insurance Bringing the Canadian customer into focus4CanadaUnited StatesJapanChinaUnited KingdomAustraliaItaly GermanyHome conciergeBasic/standardSelf-controlled

23、 and adjustableConnected and Cost-focusedInvisibleConnected and preventative protection055400554045Connected and broad service offeringBasic/standardSelf-controlled and adjustableConnected and Cost-focusedFreedom to moveInvisibleThe high preference for insurance bundles in the

24、North American market also reflects Canadians preference for simplicity and affordability(see Figure 4),recognition by insurers on customer preferences towards bundling can drive incremental opportunity.In the North American market,the most popular reasons for choosing bundles were cost savings and

25、ease of insurance management(see Figure 5).Figure 4:The percentage of international respondents that purchased home and auto insurance together as a bundle Canada55United States56United Kingdom7Australia27Japan16China35Italy 20Germany16Figure 5:The motivations of the international respondents for pu

26、rchasing home and auto insurance together as a bundleThe future of home and auto insurance Bringing the Canadian customer into focus5Recognition by insurers on customer preferences towards bundling can drive incremental opportunity.00CanadaUnited StatesJapanChinaUnited KingdomAustraliaIta

27、ly Germany0070To save up to$100To save up to 1 hour To make it easier to manage my insurance Other reason0070I would not buy a bundle for any reasonTo save up to$100To save up to 1 hour To make it easier to manage my insurance Other reasonThe future of home and auto insurance B

28、ringing the Canadian customer into focus64030200The preference for simplicity varies among age cohorts for home and auto insurance(see Figures 6 and 7).Older Canadians have the strongest preference for basic coverage,while middle-aged Canadians are more open to self-controlled and adjusta

29、ble products.Canadians between 18 and 34 varied the most in their preferences with three dominant home insurance preferences(basic,self-controlled and adjustable,and connected and cost-focused),indicating that as Canadians mature,they tend to understand the coverage they need and opt for more simple

30、 and basic coverage that they know and trust.Younger Canadians tend to show more frustration with the lack of flexibility in basic coverage and lean towards a more tailored solution.Figure 6:The percentage of Canadian respondents that ranked each home insurance product as their first choice across a

31、ge groups 18-3435-5455-89Basic/standard202639Self-controlled and adjustable202422Connected and cost focused201410Invisible16149Connected and preventative protection141210Home concierge91110Figure 7:The percentage of Canadian respondents that ranked each auto insurance product as their first choice a

32、cross age groups 18-3435-5455-89Basic/standard212439Self-controlled and adjustable252317Connected and cost focused131715Freedom to Move171612Invisible13109Connected and broad service offering1197The future of home and auto insurance Bringing the Canadian customer into focus7Offer flexible and afford

33、able optionsSelf-controlled and adjustable insurance was also a top pick among many(22 percent)Canadian respondents.Additionally,the ability to adjust coverage based on what you need or can afford was the insurance feature most commonly rated as highly desirable for both home and auto insurance(see

34、Figures 8 and9).That being said,these options are currently not dominant in the Canadian market and not widely available.As customers are showing an interest in flexible,affordable,and personalized services specific to their needs there appears to be indicators of interest in insurance offerings wit

35、h these characteristics if available and appropriately structured.Flexibility in insurance coverage continues to be paramount during the pandemic,as many Canadians have experienced sudden and dramatic changes to their routine activities.About three-quarters of all survey respondents reported driving

36、 less due to the pandemic.Asregions go in and out of restrictive measures and the future of work evolves individuals are left unsure if and when they can return to their normal routines.As such,Canadians desire the flexibility to easily change their coverage based on how they are currently using the

37、ir home and car.Individuals have also expressed the desire for flexibility to reduce costs where they can,as job security has been volatile during thepandemic.Ultimately,insurers need to walk a fine line between keeping products simple for the customer and integrating adjustability when appropriate.

38、Products should not be overly complicated,time-consuming,or require self-management,as these characteristics are not popular in the Canadian marketplace.Figure 8:For flexible coverage products,the percentage of Canadian respondents that rated each home insurance feature as extremely or very desirabl

39、e Ability to adjust your insurance based on what you need or can afford63Following a natural disaster,an instant payment of a pre-agreed amount60Ability to choose the level of coverage for specific items54Alerts from your insurance provider when an issue is detected at your home50Access to a repairp

40、erson to help manage home losses or damage47A report on your home usage(Information on how to reduce costs)43Premium based on how you use your home 34Ability to switch on cover for using home as a workplace34Figure 9:For flexible coverage products,the percentage of Canadian respondents that rated ea

41、ch auto insurance feature as extremely or very desirable Ability to adjust insurance based on need and budget61Insurance premium is based on your driving(e.g.,when you drive,how much you drive,and how you drive)48Offers and discounts at local shops based on where you drive40Summary report on driving

42、(opportunity to reduce your insurance cost by changing your driving habits)39Ability to switch cover when you use your car for work37Insurance for any mode of transport(own car,borrowed car,bike,ride-sharing)36Relevant information and notifications(e.g.,safer driving,alerts about potential hazards)2

43、7Enhanced car servicing(e.g.,remote diagnostics,maintenance reminders)26The future of home and auto insurance Bringing the Canadian customer into focus80Address privacy concernsPrivacy concerns have limited the general acceptance of connected insurance offerings globally,that being said t

44、he survey results indicate the Canadian market may present a future opportunity for certain connected options if appropriately structured.Canada follows similar insurance trends as the United States with Canadians having a slightly higher preference for connected and cost-focused services(see Figure

45、s 2 and 3).Canadians are only second to Japan in their preference for connected and cost-focused insurance,and this insurance was the third most popular option for both home and auto insurance among Canadian respondents.Specifically it was identified as a most preferred home insurance options for yo

46、unger Canadians(see Figure 6),lower preference towards the product on the auto insurance side(see Figure 7),this may be due to the fear customers possess associated to insurers use of driving data.Connected and broad service adjusts how much you pay for insurance based on how you drive and provides

47、enhanced car servicing(e.g.,remote diagnostics of car issues,reminders for maintenance and tailored retail offers).This product is the least popular option among all Canadian age groups.Customers perceive this offering as not only intrusive but also difficult to understand.Canadians have the same co

48、ncerns for connected and preventative home insurance,which was one of the least popular home insurance options.This insurance requires customers to provide data for home usage(e.g.,electricity and water usage)and details of who is living in the home.This information is used to provide the customer w

49、ith safety alerts and assistance when required.China is the only country that was noted to have an increased interest in connected and preventative home insurance,likely due to an increase in first-time home buyers and citizens that are relatively more comfortable sharing data with government depart

50、ments and companies.Insurers must work to gain the trust of Canadians if they are to convert customers to more connected offerings going forward.Though connected products have not yet made a significant footprint in the market,there is ample opportunity for Canadian insurers if they effectively addr

51、ess all relevant lingering privacy concerns.As noted,while there is interest in more innovative services(particularly among younger Canadians),many still see a significant trade-off between the perceived benefits of these products and the increased sharing of data that may negatively affect their pr

52、ivacy or premiums.Ultimately,customers tend to be hesitant in sharing personal data with insurers without a compelling reason.Customers are generally most comfortable sharing information such as insurance history,car usage,and driving location,but see products with continuous monitoring features as

53、intrusive(see Figure 10).Canadians were least interested in sharing highly personal information not traditionally requested by insurance providers(such as social media history or spending history).The value customers receive in exchange for their data must be very compelling;discounts and tailored c

54、overage alone appear mostly insufficient.Customers must trust that their data will provide them a net benefit over the short and long term.Figure 10:The percentage of Canadian respondents that are willing to share each data type with their insurer and the percentage that would change their mind with

55、 incentives,protection tips,and a data use rationale Customers already willing to share dataCustomers that would change their mind about data sharing with incentives,tips,and data use rationaleCustomers who would not be willing to share dataSocial media history143155Spending history223543Car or home

56、 video313732Home sensor data 364519How I drive 51409Home energy usage 464410Credit history553411Criminal history593110Where I drive522820My car usage 68266Insurance history 85105The future of home and auto insurance Bringing the Canadian customer into focus9007080900Build trust

57、 in claimsHow insurers manage claims has a substantial impact on the customer experience.Customers are conscious of the claims service they are provided and are sensitive to not receiving adequate compensation for a claim or not receiving payment in a reasonable timeframe to address their immediate

58、needs.Just under half of Canadian respondents conducted different levels ofinvestigation into an insurers claims services before purchasing insurance products(see Figure11).Four claims attributes were typically researched:1)fairness of the claims process,2)how easy it is to file a claim,3)how easy i

59、t is to manage claims,and 4)how quickly claims are paid(see Figure 12).Customers tend to base their opinion of insurers on market perception from blogs,forums,and word of mouth.It is easier than ever for customers to notify their network and the broader market of any potential dissatisfaction with a

60、 provider through online reviews and social media.An emphasis and prioritization of claims management will enable insurers to build their customer base.Insurers in the Canadian market may look to parametric-based products as an opportunity to build trust.Parametric home insurance provides trust in c

61、laims as it predefines the payment amounts and triggers(e.g.,level of rainfall or wind speed).Immediate payment of a pre-agreed amount reassures customers that their basic needs will be met in a time of crisis.This offering also tends to align better with customers desire for simplicity.For home ins

62、urance,60%of Canadian respondents rated receiving an instant payment of a pre-agreed amount following a natural disaster as highly desirable(see Figure 8).This insurance is top of mind for Canadians as we witness an increase in intensity and occurrence of wildfires in western Canada,flooding in cent

63、ral and eastern Canada,andhurricanes in Atlantic Canada.More broadly,theincreasing toll of natural disasters combined with the pandemic is heightening the awareness of risk exposure among customers.Insurers can respond to this demand by rolling out parametric home insurance,focusing on high-risk are

64、as where the need is most urgent.Figure 11:The percentage of international respondents that research insurers claims processes before purchasing insurance productsYesCanada45United States44United Kingdom27Australia58Japan56China79Italy 60Germany52Figure 12:Claims management attribute prioritized by

65、internationalrespondentsAre claims paid fairly?How easy is it to make a claim?How easy is it to manage a claim?Speed of claims paymentsOther claims attributesCanada1821222415United States1819232713United Kingdom1718222419Australia1818232813Japan2115262612China2518173010Italy1922242114Germany17192230

66、12The future of home and auto insurance Bringing the Canadian customer into focus10Continuing shift to digital channelsThough Canadians(and North Americans more broadly)tend to be relatively loyal insurance customers(see Figure 13 and 14)the ongoing shift to digital channels is likely to require ins

67、urers to re-focus on customer experience and drive improvements to convenience,value,and service in order to retain proportionate market share as online channels provide increasingly easier options for customers to switch providers.Figure 13:The percentage of international respondents that switched

68、their home insurance provider 3 months-1 yearLast 3 yearsLast 5 yearslast 10 years10 years agoNever switchedCanada7United StateUnited Kingdom4030104511AustraliaJapan1213961446China432145 324ItalyGermanyFigure 14:The percentage of international r

69、espondents that have switched their auto insurance provider3 months-1 yearLast 3 yearsLast 5 yearslast 10 years10 years agoNever switchedCanada8United State1United Kingdom453010546Australia24211291024Japan2China46159327Italy2Germany5The future o

70、f home and auto insurance Bringing the Canadian customer into focus0100The United Kingdom leads the online purchase realm by far,with 81 percent of respondents using online methods to purchase home and auto insurance(see Figures 15 and 16).The propensity for Canadians to purcha

71、se insurance by phone or in-person is a reflection of the current shortage of online insurance options in Canada rather than an aversion to online modes.When asked about purchasing preference,Canadians have shown an increasing interest in utilizing digital mediums such as websites alongside more tra

72、ditional distribution channels(see Figure 17).Figure 15:The percentage of international respondents that preferred each medium for purchasing home insuranceOnline-mobileIn-personOnline-computerBy phoneCanada6233139United States11373122United Kingdom1962515Australia10481626Japan7374610China3110527Ita

73、ly1118665Germany530597Figure 16:The percentage of international respondents that preferred each medium for purchasing auto insuranceOnline-mobileIn-personOnline-computerBy phoneCanada7213537United States11382624United Kingdom2160217Australia12481327Japan944398China3274417Italy926605Germany640469Figu

74、re 17:For selected distribution channels(noted below)percentage of Canadian respondents that rated channel as extremely or very desirablePart of home rental contract(Renters Insurance)24Mortgage lender(Home Insurance)23Real estate lender(Home Insurance)18Car dealer(Auto Insurance)26Auto manufacturer

75、(Auto Insurance)22Website that provides advice(Home and Auto Insurance)31Internet retailer(Home and Auto Insurance)18Social media(Home and Auto Insurance)10We have witnessed the shift in customer preferences toward online mediums in the international markets that are more digitally mature.This shift

76、 will likely occur soon in Canada,where insurers have invested heavily in digital capabilities in the past 24months.The pandemic has also suddenly made more consumers amenable to online purchasing mediums.The probable rise in online purchasing and the desire for online features means insurers should

77、 look to grow or partner to attain the right digital capabilities.Insurers should also consider building partnerships with traditional auto and home retailers.The preferred purchasing trends indicate that customers want their insurance purchases to be simple and easy.They want to purchase insurance

78、where possible from the same source from which they purchased the item they wish to insure(e.g.,car deal for auto insurance,mortgage lender for homeinsurance).Insurers can garner customer loyalty by enhancing the value of premiums through perks and value-added services.Insurers should use readily av

79、ailable customer information to provide customized perks,such as discounts at retailers near where they live or work.Insurers should generate summary reports using the customers data to provide suggestions on how changing habits can reduce costsgiving them direct value for their data.Notifications s

80、hould be carefully selected,such as renewal notices or vehicle maintenance reminders,not to overload the customer with unnecessary communications.Insurers should not waste resources on sending impractical personalized notifications that customers may view as spam.Figure 18:Types of communications Ca

81、nadians preferred to receive from insurersThe future of home and auto insurance Bringing the Canadian customer into focus50607080Recognition of personal events Information on new products/services None ofthe aboveReminders to renew Reminders payment dueHow to protect home or car tipsHow i

82、nsurance needs change at life events Retail discounts available to meCanadaThe future of home and auto insurance Bringing the Canadian customer into focus13ConclusionTo gain an edge on the Canadian auto and home insurance markets,insurers must re-align their approaches to engaging customers key poin

83、ts to keep front of mind:Drive towards making insurance simpler and more convenient,while providing value-added services.Customers want to be confident that they are paying for the right product to meet their needs while not actively managing their insurance.Insurer communications should focus on in

84、formative correspondences that reduce the burden of insurance management and enable customers to make changes that reduce premium costs.Deliver greater flexibility,especially to younger Canadians who experience the most significant fluctuations in job security,lifestyle,and budget.Partnerships withr

85、etailors where possible will also give insurers an edge in the increasingly competitive market.Trust in the claims processes needs to be built through effective claims managementprocesses.Insurers need to provide clear explanations for the use of customer data,accompanied by assurance that data will

86、 not result in increased premiums or rejected claims.Insurers should prepare for a competitive transition to online sales and services and grow sufficient capabilities.Insurer will be increasingly compared online,along with insurance offerings,which will test customer loyalty and lead to increasedco

87、mpetition.The future of home and auto insurance Bringing the Canadian customer into focus14AppendixHome insurance products and servicesBasic Your home is fully protected.You purchase insurance as you normally do(e.g.,via a website or broker).Your insurance price is based on the value,characteristics

88、,and location of your home and past insurancehistory.Self-controlled and adjustableYou can adjust your insurance based on what you need or can afford.You can increase or decrease your level of coverage depending on whether you are at home.Similarly,you can choose the level of coverage for specific i

89、tems(e.g.,jewelry).Connected and cost-focusedYour insurer understands some aspects of how you use your home(e.g.,how much electricity,gas,and water you consume).The insurer uses this information to assess how much you will pay for insurance.You receive a report on your home usage that provides infor

90、mation on how to reduce your insurance and other household operating costs.InvisibleYour home is fully protected,and you receive the same level of service as with standard insurance.However,your insurance is automatically provided as part of your mortgage or rental contract.This means you do not nee

91、d to arrange insurance.Your bank or real estate agent will support you through the process of filing a claim(i.e.,a formal request with an insurance company for coverage or compensation for a covered loss or policy event).Connected and preventative protectionYour insurer understands some aspects of

92、how you use your home(e.g.,how much electricity,gas,and water you consume)or who is living there(e.g.,an elderly person).You receive alerts when an issue is detected(e.g.,leaking pipe or the elderly person needs assistance).If possible,your insurer sends a qualified person to help.You also receive a

93、 report on your home usage that provides information on how to reduce your insurance and other household operating costs.Home ConciergeYou receive a service package that gives you access to 24/7 home support.The package includes the standard set of protections from a home insurance policy and provid

94、es support to manage losses from your home or damage to it.You get access to a repairperson.Motor insurance products and services Basic Your vehicle is fully protected.You purchase insurance as you normally do(e.g.,via a website or broker).Your insurance price is based on the type of vehicle,your dr

95、iving record,where you live,etc.Self-controlled and adjustableYou can adjust your insurance based on what you need or can afford.You can increase or decrease your level of coverage depending on your car usage.This helps ensure that you do not overpay for insurance(e.g.,being charged less when your c

96、ar is parked in a garage).However,forgetting to adjust coverage could leave you without appropriate coverage to drive.Connected and cost-focusedYour insurer understands some aspects of your driving(e.g.,when you drive,how much you drive,and how you drive).The amount you pay for insurance is based on

97、 this.You receive a report on your driving,which provides information on how to reduce your insurance cost,e.g.by changing your driving habits.Freedom to moveYou are covered for whatever mode of transport you choose.This includes driving your own car but also borrowing a friends car,using a bike,usi

98、ng a rideshare(e.g.,Uber).InvisibleYour vehicle is fully protected and you receive the same level of service as with standard insurance.However,your insurance is part of your car purchase or lease agreement.This means you do not need to arrange insurance.If you have an accident,repairs are handled b

99、y the car manufacturer through your local car dealer.Connected and broad service offeringYour insurer understands some aspects of your driving,e.g.when you drive,how much you drive,and how you drive.The insurer uses this information to assess how much you will pay for insurance.You also get enhanced

100、 car servicing,such as remote diagnostics of car issues,reminders for maintenance,and tailored retail offers based on where you drive.The future of home and auto insurance Bringing the Canadian customer into focus15.ContactJames Colao Partner National Insurance Sector Leaderjacolacodeloitte.ca416-87

101、4-3152ContributorsChris DuvinageSenior Manager,ConsultingScott LaikenSenior Advisor,ConsultingLasith LansakaraSenior Manager,ConsultingRaj MatharuSenior Manager,Audit&AssurancePeter EvansHead of Insurance,Investment Management and Wealth InsightDeloitte UKMark PattersonPartner,Global General Insuran

102、ce LeaderDeloitte UKEndnotes1 Allison Jones,April 16,2020“Ontario allows auto insurance companies to provide rebates due to pandemic,”CBC Toronto,https:/www.cbc.ca/news/canada/toronto/covid-ontario-automotive-insurance-1.5534887.2 “Price comparison sites in the United Kingdom and Sweden”,Markus Norl

103、ing&Erika Eliasson,ScandinavianInsurance Quarterly,April 2009,accessed 17 July 2020.www.deloitte.caAbout DeloitteDeloitte provides audit and assurance,consulting,financial advisory,risk advisory,tax,and related services to public and private clients spanning multiple industries.Deloitte serves four

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