Adyen x EY Report Canada
Redefining insurance with smarter payments
In an era defined by rapid digital advancements, the insurance industry faces a pivotal moment. This report, a collaborative effort between EY and Adyen, dives deep into the evolving landscape of payments within the Canadian insurance sector.
Read on to explore key trends, customer expectations, and actionable strategies for insurers to thrive in the digital age.
Key highlights
Together with EY we gathered qualitative and quantitative insights from 1,000 insurance customers and 100 industry professionals across Canada to map out the latest trends and consumer preferences. Here’s what we discovered:
68%
of 25-34 year olds find insurance subscription models appealing.
77%
of industry leaders see payment processing as an integral part of the operations for insurance businesses.
64%
of 25-34 year olds prefer prepaid virtual cards to avoid being out-of-pocket during a claim.
33%
of insurance professionals see the benefits of stronger payment capabilities for improving error detection and resolutio
"Many insurers have a payments blind spot. They don’t realize that modernizing online payments could drive significant benefits for their business in terms of selling more policies, reducing operational costs, and driving down fraud."
Adrian Davis
Commercial Leader, Financial Services and Insurance, Adyen
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