Insurance Trends

2018-05-01 12:01:00 AM

"Its an exciting time for insurance, and we have to continually innovate to offer the products and services that meet the consumers' needs," says Debbie Coull-Cicchini, executive vice-president of Intact Insurance. Yet despite the backdrop of rapid change, insurance is still  a "people business, " she adds. "Intact Insurance is provided through brokers, who can often leverage their local knowledge to help their customers with the right kind of coverage. From our perspective, delivering an extraordinary customer experience is key."

Consumer Expectations:
By 2025, millennials will make up 75% of the Canadian labour force. These changing demographics mean increasingly tech-savvy customers who expect businesses to be responsive 24/7," says Coull-Cicchini. " We are putting greater emphasis on creating experiences that are faster, simpler, and more empathetic."
She explains that accessibility and convenience can be enhanced through user-friendly on line platforms. An example is Intact's Client Centre, a self-service portal that allows customers to access all their insurance information. 

Mnay Canadians are willing to exchange their data for value-added products and services. Usage-based insurance programs, for instance, can offer customers discounts on their car insurance based on their driving habits. Intact has a program called "myDriving" discount that records driving data using a mobile app. It looks at metrics like acceleration and hard braking, and allows clients to secure discounts for good driving habits.
Data from home technology like "Nest", which allows homeowners to set or change room temperatures remotely, or "Ring" that facilitates montoring entrance cameras from cellphones can improve security and safety.

Climaye Change:
Climate change is impacting Canadians now. Insurance losses in 2016 hit a record of $4.9billion, eclipsing the previous high of $3.4billion o=in 2013, the year of the Alberta floods. In 2016 alone, there were 13 significant weather events with losses over $25million each. 

Competitive Landscape:
Brokers are uniquely positioned to pair their knowledge of products with an understanding of the customer. An example is Intact Insurance's EDGE Complete, a product that was developed in response to a commercial iinsurance need identified by brokers and consumers. The product is not only easy to understand, but also easy to scale up to reflect business changes.