61% of Chinese Canadians find insurance confusing, Allstate Canada survey reveals
Toronto, ON (May 17, 2013) – A new survey by Allstate Insurance Company of Canada shows 61 per cent of Chinese Canadians find all the options for purchasing auto and home insurance confusing and that three in ten respondents are not confident about their insurance knowledge.
“Previous Allstate Canada research has found that insurance tends to be complicated for most people, plus it is different in Canada than it is in China, where full participation by private companies has, until recently, been limited. It may take time before Chinese Canadians understand all the insurance options available to them here,” says Gary Tse, Allstate Canada Business Development Agent.
The survey also saw a notable difference between the Chinese community in Canada and the general population when to comes to deciding on an insurance company: 77 per cent of Chinese Canadians rely on recommendations from family or friends when choosing an insurance company while only 41 per cent of all Canadians who buy private insurance say friends or family influenced their purchase decision.(1)
“In my experience, the dependence on friends and family for any advice is much higher for immigrants than the total population because they must take in a lot of new information at first and rely on these personal connections to help guide them to make important decisions,” says Tse. “While dependence on friends and family goes down over time, it’s still important to research the specifics of any insurance policy before purchasing it, whether by asking the provider questions or looking for online resources that will help make an informed decision.”
Other key findings:
- Chinese Canadians are more likely to have purchased property and auto insurance from the same company, which can provide a cost savings on premiums, than the general Canadian population (86% vs. 64%).
- Two-thirds (67%) of Chinese Canadians point to high quality Chinese language services as an important factor when selecting an insurance provider (not surprisingly), and almost half of respondents (47%) said they had purchased auto insurance through a Chinese language service provider.
“It is findings like these that have helped us be better at providing services that meet the needs of this important Canadian community,” says Tse. “We now offer services in Cantonese and Mandarin through our agencies, call centre and website. For 60 years, Allstate Canada has shared expert knowledge, experience and advice with Canadians who trust Allstate to protect their personal and financial assets.”
More information and resources to help Chinese Canadians understand their insurance is available at www.allstate.ca/chinese; Allstate Canada’s Chinese language call centre can be contacted by calling 1-866-366-3170.
To read this release in traditional Chinese, please visit the Allstate newsroom.
An online survey was conducted by Environics Research Group between January 25th and February 8th, 2013. A sample of 305 Chinese Canadians were recruited through a consumer research panel. All respondents were immigrants to Canada, aged 21 to 55 years old and resident in Ontario. In order to qualify, respondents needed to have home, tenant, and/or car insurance and have been resident in Canada for three years or longer.
1. JD Power & Associates 2011 Auto and Home Insurance Study
About Allstate Insurance Company of Canada
Allstate Insurance Company of Canada is one of the country’s leading producers and distributors of home and auto insurance products, serving Canadians since 1953. The company strives to keep its customers in “Good Hands®” as well as its employees, and has recently been listed on the “Best Employers in Canada” list. Allstate Canada is committed to making a positive difference in the communities in which it operates and has partnered with organizations such as Mothers Against Drunk Driving (MADD Canada), United Way and Junior Achievement. In 2010, Allstate Canada, in partnership with the National Hockey League Players’ Association (NHLPA), created the Allstate All-Canadians program, a mentorship program designed to create future community leaders through the sport of hockey. Learn more about this program at allcanadians.com. To learn more about Allstate Canada, visit allstate.ca and goodhandsadvice.ca.