Canada’s history with the United Kingdom is well documented. Since Canada became a country in 1867, Canada has always maintained a great relationship with their mother nation.

Over the past decade or so, Canada has followed in the footsteps of our British counterparts when it comes to fashion, hairstyles and increasing love for soccer (or is it football?!).

Did you know Canada is also trending towards the UK with how insurance is purchased? According to research by Finaccord, 74% of people polled in the UK had either switched their insurance policy by purchasing online or purchased insurance for the first time online.

Conversely, the same number of people were polled in Canada about their online insurance purchases, with only 17% of Canadians venturing into the online space.

Why the discrepancy?

A key factor is technology seems to arrive and/or be embraced sooner in Europe than Canada. That said, the tides are changing in the insurance industry in Canada.

Lowest Insurance Price Wins

A consumer study into insurance purchasing decisions, by eMarketer, revealed over 70% of consumers deem insurance cost the no. 1 factor in them placing their insurance with one company over another.

What does that have to do with technology?

Embracing technology means you’re able to get more quotes, in a smaller amount of time, compared to the ‘’old’’ avenues (going into stores/offices and calling companies) of getting insurance. The more quotes you can get, the more comfortable you – the consumer – feels that the lowest price you’ve received in your search is, in fact, your lowest price.

Consumers want to keep their hard-earned money in their pockets, as they should!

Easy Insurance Purchase Process

The no. 2 factor in purchasing insurance, from the aforementioned eMarketer study, was ease of purchase process.

The last thing consumers want, when purchasing insurance, is another bill that's complex to understand and drags on to finalize. Consumers want a marketplace where they can make informed decisions. Once they’ve made their decision, they want to finalize their choice, then move on to what’s next on their ‘’To do’’ list.

Canada: Embracing Technology in Insurance

Surex, a 2017 Top 5 ranked Brokerage in Canada by Insurance Business, is Canada’s fastest growing online insurance brokerage. Established in 2012, Surex now manages a book of business of over $35 million in annual premiums.

Purchasing insurance online with Surex means you can use your smartphone, tablet, laptop or desktop – from the comfort of your home – to get your insurance. Depending on your province, Surex will get you up to 10 quotes – from Canada’s most renowned insurance providers – making it your one-stop marketplace for your auto, home, condo/tenant and business insurance needs.

The best part about using Surex?

Not only can you get multiple offers, to calm your worries that a better price is out there, but the entire quote-purchase-active insurance process is done wholly online.

How It Works

Completing an online auto, home or tenant quote takes about 5-10 minutes. From there, the customer will be assigned a personal broker, who will verify the price and make sure any/all the discounts available to that customer are being used. The customer then signs for their documents online, through e-signature, and will have instant access to proof of insurance.

Gone are the days of spending hours going from office-to-office, only to get one quote at each place. Put down that phone book and quit waiting on hold for the next available agent.

Just as the vast majority of consumers in the UK have embraced technology and the benefits of using it in the insurance industry, so too are Canadians.