2015 ICTA Nomination. Technology by Mouth Media Inc.
In early 2013, Moore-McLean identified a unique niche that was not being served by the Canadian property and casualty insurance industry – vehicle coverage for individuals participating in Track Day events. Track Days are held at motorsports parks across Canada and are put on by a wide range of organizations including car clubs, automobile manufacturers and automobile dealers. Track Day events are growing in popularity, with more than one hundred events being held at a dozen locations across Canada each year.
The challenge for Track Day participants is that it is unclear under the standard automobile policy whether coverage will respond if a vehicle is damaged while on the track during an event. Furthermore, some insurers such as Chubb Canada specifically exclude any coverage for sports cars that participate in Track Day events.
For years, American car enthusiasts have had the ability to purchase Track Day coverage but no such program was available in Canada. For this reason, Moore-McLean launched Track Day Insurance Canada in July 2014 to fill the void and help eliminate the uncertainty around participating in Track Day events.
The challenge for Moore-McLean was developing a solution that would allow for the efficient sale of Track Day policies. With a low average premium – less than $500 – and potential high volume of transactions, the traditional method of a completing a paper or electronic application would simply not work. As a result, Moore-McLean set out to develop a consumer facing web-based solution that would allow quoting, binding, payment and policy issuance.
Moore-McLean engaged Mouth Media Inc. to assist with the development of the online solution. The website (www.trackdayinsurance.ca) contains many unique features – a quick quote tool, an intuitive application form linked to specific Track Day events, instant payment through PayPal integration and immediate policy issuance by email (including insurance certificate and policy wording). Purchasers are also sent a link which allows them to access their policy at any time. Moore-McLean’s Track Day policy is one of the few property and casualty insurance products in Canada that can be purchased and paid for online without having to talk to a person. The Track Day website also has an administrative module that allows staff to review all policies that are issued.
The most significant benefit for Moore-McLean is the ability to offer a new insurance product in the Canadian marketplace that could never have been launched if traditional sales methods had been employed – there simply isn’t sufficient revenue on a per policy basis. Moore-McLean is also gaining considerable experience and insight into the world of online insurance sales which will be leveraged for new policies and programs that are expected to be launched over the next 18 to 24 months.
Without the implementation of the integrated online sales tool Moore-McLean would not have been able to launch the Track Day program. The small average policy premium and high transaction volume simply could not be managed on a manual basis. While the program was launched late in the Track Day season, initial results were extremely positive as purchasers from across Canada took advantage of the new coverage. All but one transaction was completed online without human involvement resulting in significant efficiencies for the brokerage. Feedback from users was also very positive.
Founded in 1975, Moore-McLean is one of Ontario’s largest independent commercial insurance brokerages. Moore-McLean’s practice is built around a number of specialty areas including Surety & Marine, Moving & Logistics, New Car Dealers and Professional Liability. Moore-McLean provides a unique differentiation with its Solutions Beyond Insurance (SBI) program, a network of internal and external resources that help our clients manage critical business issues and reduce their total cost of risk. For more information, visit www.mooremclean.com.