Brokerage tech adoption increases by 12% across Canada: CSIO

Brokerage adoption of nine key technologies has risen by 12% across Canada to a new high of 69%, according to the Centre for Study of Insurance Operations (CSIO).

The announcement on Wednesday kicks off the second year of CSIO’s Technology Scorecard, which compares brokerage adoption against the provincial average for the following technologies: eDocs, CSIOnet, Auto & Habitational eForms, eSignatures / Call Recording, TLS eMail Security, Brokerage Website, Mobile Website, SEO and Social Media.

In 2016, Nova Scotia led Canada with an 81% adoption rate, followed by Ontario (77%) and Alberta (75%). The lowest adoption rates were Saskatchewan and Manitoba (both at 58%), CSIO said in a statement. In 2015, Ontario’s adoption rate was 70%, followed by Newfoundland and Labrador (62%) and Alberta (59%). The lowest rates were Manitoba and Quebec (49% each). (Overall adoption statistics by province are available at https://www.csio.com/resources-tools/technology-scorecard/technology-adoption-map).

Related: 50 Canadian brokerages score 100% on tech scorecard: CSIO

Among the findings of the Technology Scorecard:

• The technology solutions with the highest adoption increases are mobile-optimized websites, which increased from 39% in 2015 to 53% in 2016, and eDocs, which increased from 52% in 2015 to 70% in 2016;
• Nearly all brokerages (86%, up from 75%) use TLS eMail Security, an inexpensive and easily implemented form of encryption for enhanced protection of email communications; and
• Surprisingly, 11% of brokerages still do not have a website at all, limiting their ability to attract and retain new customers.

“This update proves that the broker channel has made commendable progress in adopting digital solutions since the initial scorecard assessment in early 2015,” noted Catherine Smola, president & CEO of CSIO, in the statement. “We continue to advocate for the use of technologies such as eDocs and eSignatures in the broker channel, meeting consumer expectations for digital service and strengthening the competitive position of the broker channel.”

CSIO will update the scorecard regularly to reflect current adoption rates.