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Selling insurance online : Quebeckers interested, but still cautious

by

Hubert Roy

March 13, 2018 08:05

The online purchase process of a complete insurance policy for damages is an experience for which one-in-four canadians has an interest. But the craze is not for tomorrow.

This is revealed by the CEFRIO, in a study unveiled this morning, and of which the of the insurance Journal has obtained a copy. The ORGANIZATION has measured the interest of consumers to use the Internet in the process of purchase or renewal of an insurance policy.

27 % ready to make a purchase of end-to-end

In total, 27 % of the respondents wish to purchase the end-to-end an insurance policy and make the payment through the Internet. This proportion is of 31 % by car and 22 % in housing.

In a situation of a new purchase, 32 % of consumers who say they are interested in an approach to end-to-end. In the moment, the insurers and brokers surveyed by the ORGANIZATION estimate that less than 5 % of the insured purchase their insurance policy end-to-end.

The ORGANIZATION has also studied what communication channel preference of the respondents closed to ” obtain a bid via the Internet.” The majority of these consumers, or 70 per cent of the respondents have answered that they rather prefer to “speak verbally to someone,” that to receive a quote through the internet. Among the respondents in a situation of renewal with shopping, it is 75 % of them who prefer to “talk to someone” rather than the Web.

 

The phone remains the preferred channel

Moreover, we find 21 % of respondents who would opt for a digital channel to communicate with their insurer or broker in the course of delivery. The phone remains the preferred channel for respondents. Also, during the election, 62% of respondents who would prefer the phone and 20 % a digital channel. More than one answer was possible to this question.

“In developing its framework, the insurance industry of damage can certainly be inspired by the many cases of companies in the world that are already well engaged in the provision of services, damage insurance online. Our survey results demonstrate that the tools currently available do not meet the needs of québec consumers to their full extent “, one can read in the conclusion of the study.

This finding will surely resonate with thefinancial markets Authority, which will have the mandate to oversee the process of buying online insurance in the event of the adoption of the draft law 141. This is the Authority that has funded the completion of the study of the ORGANIZATION through its Fund for the education and good governance.

The information search dominates

The CEFRIO begins his study by stressing that it is in the stage of research that one finds the highest proportion of consumers making use of the Web. It is noted that 34% of respondents are doing research on sites of insurers or brokers. Young people aged 18 to 34 years are more likely to do so, 47 % of respondents from this category.

Another finding of the ORGANIZATION : this is primarily by going directly to the websites they already know that 38 % of consumers are specifically the insurers or the brokers to whom they make demands of submission. In auto insurance, this proportion is 34 %. It increases to 45 % in home insurance.

Desjardins, Belair and Intact the most well-known

The ORGANIZATION has also worked on brands insurance the most well-known of Quebec. Desjardins (28 % auto, 25 % property), belairdirect (19 % in both segments) and Intact Insurance (22% auto, 14 % residential) come top of the list. They are followed by The Capital (14% auto, 19 % in residential), iA Auto and home (11 % by car, 12 % residential) and SSQ Insurance (11 % auto, 8 % in residential).

 

The methodology of the study

To conduct its study, the ORGANIZATION conducted a telephone survey of 1 075 Quebecers aged 18 and over, between 16 October and 21 November 2017. Quotas according to age have also been imposed, but also according to the type of insurance purchased. Interviews were also conducted with five insurers and five brokers, whose identity has not been revealed. The ORGANIZATION has also contacted the regulators of insurance in the world to see, how will be framed for the sale of insurance via the Internet. The markets of the State of New York, France, Singapore, the european Union, the United Kingdom and China were analyzed.

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