Sonnet provides Canadians with an easy, transparent and customized way to buy home and auto insurance online

Year: 2016sonnet
Country: Canada

  • Sonnet is targeting consumers who are tech-savvy, have relatively straightforward insurance needs and who do not believe in dealing with an independent insurance broker.
  • Sonnet is a direct digital brand launched by Economical Insurance, who also owns four broker channel brands (i.e. Economical, Perth, Waterloo and Missisquoi)

Concept

  • Sonnet is a federally regulated Canadian insurer using sophisticated analytics, technology, and robust consumer research to offer a simplified quoting and buying process for home insurance.
  • Sonnet relies on data analytics to calculate home insurance premiums by analyzing a set of factors including:
    • Location of properties
    • Property structure, age, heating equipment, etc.
    • Size of properties
    • Number of past claims
    • Information about property owners (age, etc.)
  • Sonnet offers only personal property coverage for the time being and will offer personal automobile coverage at a later date in 2016. The property insurance that Sonnet currently offers include:
    • Homeowner insurance
    • Condo owner insurance
    • Tenant insurance
    • Landlord insurance

Consumer Benefits

  • Simple and easy process: plain-language policies and helpful tips are provided
  • Manage policies online anytime: consumers have the ability to change coverage anytime
  • Customized quote and immediate coverage: personalized quotes are offered just seconds after answering a handful of simple questions
  • Flexible payment options: policies are available for purchase online, using direct withdrawal, credit card or PayPal

How to use

  1. Consumers need to answer few simple questions online (i.e. home details, address, personal information, number of home claims in last 5 years, coverage start date, etc.)
  2. Sonnet will then assemble all the public data and information it can access about consumers’ properties, get consumers a competitive price thus simplifying quotes process
  3. After receiving a personalized quote, consumers can purchase a policy online at anytime and on any device

Illustration

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