The Canadian life insurance industry must focus on nurturing better customer relationships.

That’s because only 59% of Canadian consumers have faith in life insurance companies, finds an EY survey.This is the lowest rating compared to pharmaceutical companies (61%), car manufacturers (64%) and banks (81%).

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Digital communication channels and improved distribution strategies will help companies better connect with consumers and gain market advantage.

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In fact, 76% of life insurance consumers are willing “to use digital and remote channel options for different tasks and transactions.To stay relevant and enhance personal interaction, insurers must develop flexible and multichannel contact options like online chat, video tutorials and mobile apps,” says Marc-Andre Giguere, EY partner and Canadian Financial Services Insurance Leader.

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