KANETIX.ca survey highlights opportunities and obstacles for usage-based
insurance programs in Canada.
TORONTO, May 29, 2014 /CNW/ - With just 18 per cent of Canadian drivers
familiar with usage-based insurance (UBI) programs, a recent survey by
KANETIX.ca highlights both the opportunities and obstacles for this new approach to auto insurance in Canada.
The survey, conducted by Leger for KANETIX.ca, looked at Canadian consumers' familiarity with the notion of
usage-based insurance, their willingness to take part in a program,
savings expectations, and concerns.
Andrew Lo, Chief Marketing Officer and Chief Strategy Officer, at
KANETIX spoke to the survey results and presented an in-depth report at
the Insurance Telematics Conference held in Toronto on May 28 and 29. A
full copy of Mr. Lo's Canadian Usage-Based Insurance (UBI) Awareness
Survey report can be downloaded for free from KANETIX SaaS. The report includes results from a national standpoint, as well as
Highlights of the Canadian Usage-Based Insurance (UBI) Awareness Survey
Even though the vast majority of Canadians are not familiar with
usage-based insurance, six in 10 say they're willing to join a
usage-based insurance program if there's an opportunity to pay less for
their auto insurance coverage.
Sixty-one per cent of Canadians believe they would indeed pay less for
auto insurance, but two-thirds say that it would take more than $100
per year in auto insurance savings to entice them to switch.
Privacy is the biggest concern by Canadians with 75 per cent of
Canadians expressing concern about the security of their personal
information. Other significant concerns include: the information being
used to deny an accident claim or cancel a policy; ownership of the
information collected; the sharing of information with other auto
insurers; and, that the device itself will not capture driving habits
"UBI in Canada is a big opportunity for both consumers and insurers
alike," says Mr. Lo. "From a consumer standpoint there is clearly an
appetite for usage-based insurance, despite concerns. Consumer
awareness and education programs will go a long way to accelerate
A survey of 1555 Canadians was completed online between April 28 and May
1, 2014 using Leger's online panel, LegerWeb. A probability sample of
the same size would yield a margin of error +/-2.4%, 19 times out of
Launched in October 1999, KANETIX was Canada's first online insurance
marketplace and today provides over a million quotes per year to
consumers looking for insurance, as well as comparisons for mortgage
rates and credit cards.
The KANETIX.ca comparison service is a one-stop shopping environment for
consumers. Each day, thousands visit the KANETIX website to comparison shop their various financial needs. Shoppers choose what
they want to compare, obtain a quotation and complete an online
application or, with the help of KANETIX connect with the provider to
purchase or apply for the product over the phone.
Through its Software as a Service team, KANETIX is also the leading
provider of online insurance quotation technology, developing online
quotation systems, mobile solutions, actuarial tools and websites for
many of Canada's largest insurance brands.
Image with caption: "KANETIX logo (CNW Group/Kanetix)". Image available at: http://photos.newswire.ca/images/download/20140529_C7332_PHOTO_EN_40857.jpg
For further information:
Tara Bolger, firstname.lastname@example.org 416.929.2052 or
Sarah Hall Turnbull, email@example.com 416.929.7740