Ipsos releases new insights from its twelfth CSI Insurance tracker, providing a comprehensive analysis of the Canadian insurance market
Toronto, ON (Feb. 20, 2024) – The Canadian insurance industry underwent a substantial shift in its performance in 2023. Despite some regional variations, the overall sentiment of the industry reflected a significant improvement, with the likelihood to recommend scores climbing from -12 in 2022 to -8 by the end of the year. This marked upswing signals a tangible advancement in customer sentiment across the broader Canadian insurance landscape.
Diving into the regional specifics, distinct differences emerge. Customers in Quebec continue to show their satisfaction with their insurance experience, making it the only region with a positive Net Promoter Score (NPS). On the contrary, British Columbia recorded a notably negative NPS, with customers there being least likely to recommend their insurance provider. Meanwhile, Ontario remained stable year over year, maintaining a negative NPS score.
A closer look at the brands reveals some interesting insights. The Canadian Automobile Association (CAA) emerged as a beacon of excellence amid this vibrant tableau, boasting the highest NPS and being one of just five providers ending the year on a positive note. The year 2023 was a testament to the prowess of CAA, Sonnet, Co-operators, and Belairdirect, who carved a niche for themselves as top performers in the market with formidable NPS. From the banking insurance side, Desjardins held the reins, closely followed by RBC. Despite their robust performances, both concluded 2023 with negative NPS scores, revealing the competitive challenges within the banking insurance landscape.
The evolution of policy members’ expectations was another key facet of the industry’s journey through 2023. The year underscored the growing importance of transparency, expert guidance, and effective communication in reinforcing a sense of value among policyholders. Channel satisfaction presented an interesting narrative, with personal interactions with agents and advisors clinching the top spot. However, the digital wave is unmistakable, with a significant majority of clients preferring digital interactions. Co-operators and Belairdirect led this digital charge, setting benchmarks for website and mobile app experiences.
Despite the positive trends, the industry’s journey was not without its challenges. A noticeable segment of members expressed difficulty in doing business with their providers, and concerns about claim coverage lingered. As we stand at the gateway of 2024, it’s clear that to drive positive NPS scores and propel the industry forward, there’s a need to enhance customer experience, strengthen digital communication channels, and foster trust more broadly.
About the study
Ipsos’ CSI Insurance tracker, now in its twelfth wave, continues to provide a comprehensive analysis of the Canadian insurance market. The results are based on an Ipsos poll conducted in September and December 2023. A total sample of 18,000 Canadians aged 18+ were interviewed online. Quotas and weighting were used to ensure that the sample’s composition reflects that of the Canadian population according to census parameters. The precision of Ipsos’ online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 3.5 percentage points, 19 times out of 20, had all Canadians aged 18+ been polled.
About Ipsos
Ipsos is one of the largest market research and polling companies globally, operating in 90 markets and employing over 20,000 people. Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. Our 75 solutions are based on primary data from our surveys, social media monitoring, and qualitative or observational techniques.
Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1, 1999. For more information, please visit www.ipsos.com.
SOURCE: Ipsos
Tags: Ipsos, market dynamics, satisfaction, survey, trends
