Toronto, ON (May 1, 2017) – The Insurance Brokers Association of Ontario (IBAO) is delighted that the 2017 Ontario Budget continues to make inroads in making insurance more affordable for consumers.
In the April 27th budget announcement, Premier Wynne made a commitment that:
… drivers will benefit from the option of electronic proof of insurance. Distributing documents electronically, including proof of insurance and other documents such as policy renewals will enhance consumer convenience and result in savings for insurance companies… To ensure that these savings are passed along to the consumer, the government will require that insurers offer a discount to policyholders who choose to receive documents electronically.
2017 Ontario Budget
“IBAO is very excited to be able to work with our insurance company partners to ensure the efficient delivery of electronic documents to consumers through its members,” said IBAO CEO Colin Simpson. “Although the industry has made great strides in technological progress, the advent of electronic proof of insurance should be the catalyst for all participants in the market to come together and deliver efficiencies and savings to consumers through the broker.”
“Applied Systems is very pleased with Premier Wynne’s support of the use of technology for brokers to provide consumers with omni-channel access to their insurance information. Through our commitment to innovation, Applied Systems has the technology in place today enabling brokers to provide these additional services to their customers with ease,” said Jeff Purdy, Senior Vice President, International Operations, Applied Systems. “We look forward to working with the IBAO and our insurance company partners in the adoption of technology to deliver electronic proof of insurance and other insurance documentation.”
The IBAO intends to make this the first of many such opportunities which enhance the ease of doing business with the broker network – an essential component of our value proposition in the eyes of the consumer.
“This is a real opportunity for the insurance industry to come together to demonstrate and deliver real consumer value in a time of change,” added IBAO President Traci Boland. “We look forward to working with all insurers and technology vendors to make this happen.”
IBAO will be covering and discussing other aspects of the 2017 Ontario Budget at their Queens Park Awareness Day May 3rd.
The Insurance Brokers Association of Ontario is a ‘not for profit’ association that represents and serves the interests of more than 12,000 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org to receive timely news and information updates.
Source: Insurance Brokers Association of Ontario