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New study shows technology creating opportunities for insurance coverage savings

January 8, 2018, Toronto, ON—Most Canadian consumers are feeling positive about the connected world and data sharing, yet say they have concerns around security and privacy in sharing information electronically with insurers. This was part of the findings in a recent survey by Kanetix.ca, Canada's leading online insurance marketplace.

The survey of 1,000 respondents looked at a number of technology advancements, including acceptance of, and concerns around, driverless and connected cars. Not surprisingly, the 18 to 34 demographic are generally more at ease with technology innovation across the board versus middle-aged respondents.

In terms of their comfort level with new automotive technologies:

Despite the general acceptance of new automotive technologies, there were also concerns around data privacy and information sharing, even when sharing data with insurance providers could lead to lower premiums on auto insurance, home insurance, life insurance or health insurance:

"The unwillingness to share lifestyle and driving information is a reflection of people's concerns about privacy and security. Yet they may not realize there may be benefits to increased data collection and sharing with their providers, such as lower premiums," says Andrew Lo, President and CEO of Kanetix Ltd. "An important question for consumers and industry today is, what are they willing to share electronically in order to save costs on their insurance?"

Visit Kanetix.ca for more survey results and an infographic that illustrates the key findings.

About The Survey

The survey was conducted in December 2017 with a nationally representative sample of 1,000 Canadians. A sample of this size is accurate to within +/-3 percentage points, 19 times out of 20.

About Kanetix.ca

Launched in October 1999, Kanetix.ca 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.ca 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.ca connect with the provider to purchase or apply for the product over the phone.

For further information or media inquiries, please contact: Tara Bolger, 647-228-3944, tbolger@blueskycommunications.com