A significant portion of Canadians find the process of purchasing home and auto insurance to be “outdated,” according to a new survey from PC Insurance.
This perception has changed how Canadians approach the process, PC Insurance said, with half of respondents stating they now prefer to shop for insurance online.
According to the survey, 70% of the 1,500 Canadians included in the study found buying insurance time-consuming.
Moreover, a third of respondents also said that their “least favourite part” of buying insurance is putting in the time it takes to complete the process.
Ciara Beauchemin, senior vice president at PC Services, said this demand for convenience drove their decision to introduce an upgraded digital experience for customers.
“Adding value is our main priority when developing new features for our customers,” said Beauchemin. “And this one is no different. We've focused on convenience, simplicity, and time to create a process that ensures Canadians can go through the application efficiently and with clarity.”
Other top concerns raised by respondents in the PC Insurance survey include their lack of trust in the insurance buying process and how it can be complicated or a hassle to do.
Amid these concerns, 68% of respondents emphasized that cost remains their top priority when buying insurance.
More than 50% of respondents said they do their own research when looking for insurance. In contrast, some said they rely on information from family and friends (20%) and insurance brokers (19%).
Nearly 70% also said they felt confident about the insurance process.
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