May 6, 2024 – Today, RATESDOTCA Group Ltd. announced the winners of the 2024 Home & Auto Insurance Awards, the only awards in Canada based on direct surveys of 8,875 verified insurance policyholders in Ontario and Alberta, measuring and recognizing excellence in the insurance industry.
The top overall prize in the Best Home & Auto Insurance Awards is the Best Overall Insurers award, representing the insurers that perform the best across all categories of ratings in our survey: Trustworthiness, Claims Perceptions/Experience, Policy Documents, Billing Statements, and Customer-facing Website/Portal/App. Amongst the Best Overall Insurers, the platinum winner is CAA Insurance, the gold winner is Northbridge Insurance, and the silver winner is Wawanesa Insurance.
- CAA Insurance had the highest overall satisfaction of any insurance company on the market, including the highest scores for trustworthiness, policy documents, billing statements, and customer website/portal/app. CAA also had a strong showing on auto claims perceptions and experience.
- Northbridge Insurance ranked second for trustworthiness and was tied for second on policy statements. Northbridge also performed well on auto claims perceptions and experience.
- Wawanesa Insurance ranked third for trustworthiness and billing statements, was tied for first on customer website/portal/app, and was tied for second place on policy documents.
Amongst the 5 categories of ratings and awards, trustworthiness was the primary driver of overall satisfaction – and the Best Overall Insurers. Thus, it is not entirely surprising that the ranking of Most Trustworthy Insurers – based on ratings of overall trust as well as perceived commitment to the environment, sustainable development, and innovative products and coverage options – was identical to that of the Best Overall Insurers.
Turning to Claims Perceptions/Experience, we asked insurance customers that recently filed claims to express their level of satisfaction as well as evaluate the ease of reporting claims, the degree of proactive communications from their insurance provider, clarity on processes, ease of reaching representatives, and timeliness of resolution. Based on these ratings, we determined the Best Auto Claims Experience Providers.Amongst these top providers, Travelers Canada is the platinum winner, Aviva Canada is the gold winner, and CAA Insurance and Northbridge/Zenith(combined) are tied for silver.
Designed, conducted, and analysed by Pollara Strategic Insights, the surveys were completed between August 18, 2023 and September 18, 2023 using an online survey methodology. A total sample size of N=8,875 auto insurance customers in Ontario and Alberta – the two largest markets for private auto insurance in anglophone Canada – responded to the survey. The margin of error for total sample is+1.01%, 19 times out of 20.
- In order to guarantee the accuracy of the ratings, respondents were invited to participate in the survey by their insurance brokerage – specifically Scoop Insurance and another brokerage – who verified with which insurance company each survey participant held a policy. This approach ensured that respondents were not mis-remembering their insurance company and rating the wrong company, as can happen when asking participants to self-report their insurance policy provider.
- In order to calculate scores and rankings for the overarching category of Best Overall Insurer, advanced statistical techniques, including regression analysis, were used to determine the relative importance of each of the categories of ratings to overall satisfaction with insurance providers. When combining and calculating an average to determine the Best Insurer Overall scores, each category score was weighted according to each category’s relative importance to overall satisfaction with insurance providers. This weighted average provided the score for each insurance company.
- Advanced statistical analysis was utilized to identify the scores and rankings for insurance providers within the following categories: Best Claims Experience, Best Policy Documents, Best Billing Statements, and Best Customer Portal/App.
Please see the RATESDOTCA press release and website for additional information and results, including media contacts.
