A new Bureau report estimates households could save time and money if insurance data could be transferred seamlessly between providers.
Canadians could save billions of dollars if the country moves ahead with giving consumers greater control over their data, according to a new report from the Competition Bureau - with home insurance cited as one of the clearest examples of potential consumer benefit.
In its report on data portability, the Bureau said a test scenario in the home insurance market found average savings of about $128 a year per household, plus an additional $183 in time savings. Combined, it estimated the potential value of those savings at up to $3.83 billion a year.
The Bureau said such savings could be achieved if structures were introduced to let consumers move their data easily from one insurer to another. In practical terms, that could reduce the need for repeated form‑filling, lower friction in switching providers and make it easier for households to shop around and change insurers.
For insurance professionals, the findings point to a possible shift in how personal lines are quoted and renewed. Easier data transfer could intensify price competition and reduce barriers to switching, while also pushing insurers to invest in more standardised data formats and streamlined digital journeys to retain customers.
The report argues data portability could have broader applications beyond insurance - from transferring social media content such as photos and connections between platforms to moving an in‑progress video game to another service. It also comes as the federal government works on making financial data portable through open banking, with the goal of safer data sharing with tools such as budgeting apps and, potentially, easier switching of financial accounts.
However, the Competition Bureau cautioned that while potential savings could be significant, data portability also creates privacy and security risks and may be costly to implement.
