Toronto, ON (Aug. 20, 2020) – COVID-19 has fundamentally changed the way consumers and brokers interact, and Aviva is pleased to share the results of a recently commissioned survey to gauge consumer sentiment on the impact of the pandemic.
This study analyzed the key consumer trends and insights to help you better understand the insurance customer and how they are making decisions during COVID-19.
Here is a summary of the findings in three key areas:
- Employment status:
- 13% of Canadians report a change in their employment status as a result of COVID – half of this group has been temporarily laid off and the remainder has lost their jobs. Canadians under the age of 30 are feeling the largest impact. 12% of Canadians feel their situation will get worse in the coming months.
- While half of Canadians report there has been no change to their household income (HHI), the remaining 50% have had a cut in HHI. The impact ranges anywhere from 10% to as high as 75%.
- Regardless of employment status or HHI, 75% of Canadians either have a lot or some uncertainty when it comes to planning for the future. One in five have a lot of uncertainty.
- Transportation habits:
- Driving habits have changed dramatically as a results of COVID-19. 36% of Canadians report driving 75% less. Only 19% of Canadians report their driving habits have remained the same. 40% feel they’ll be returning to more normal driving habits by September, which could have strong implications for the insurance industry.
- Use of public transit will decline, especially among younger Canadians. Significantly more Canadians, especially younger Canadians, feel they’ll be much more likely to use their own vehicles.
- Purchasing behaviours:
- Canadians remain more likely to want to interact with insurers over the phone (48%). Customers are as likely to want to interact online as they are to deal either face-to-face or through email.
- 33% of customers are likely to shop for insurance over the next 12 months – this is up significantly from our previous channel preference survey, which showed an annual shopping rate of around 11%.
- With more and more Canadians forced to move online for their shopping needs, brokers will need to move quickly to react to customers’ demands for omni-channel options for quoting, binding, billing and paperless policy options.
To learn more about how the pandemic has impacted insurance consumers, read the full report: COVID-19 Consumer Behaviour Insights.
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle and business insurance to 2.8 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for their customers and our communities.
Aviva Canada invests in safer Canadian communities through Aviva Take Back Our Roads. Launched in 2019, Aviva Canada is investing in data driven solutions and strategic collaborations to make safer roads a reality for all.
For more information, visit aviva.ca.
Source: Aviva Canada Inc.
Tags: Aviva, consumer attitudes, coronavirus, epidemic, jobs, survey, transportation
