Smart insurance solutions for Ontario drivers

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Get the facts on #InsuranceInnovatiON

Toronto, ON (Feb. 7, 2018) – We are living in a digital-first world. From social media to online banking to shopping, we use our mobile devices for the majority of our social and commercial activities.

Customers want easy, transparent and quick online experiences. Insurers understand this, but unfortunately don’t have the ability to innovate their products and share information electronically. This needs to change – customers’ needs and expectations must come first.

The pace of policy and regulatory changes has failed to match the speed of technological changes. Insurers need the Ontario government’s commitment to modernize insurance laws so that they can put customers’ needs first and meet their ever-evolving online habits.

Putting customers first

Customers want a better and more efficient experience when dealing with their insurer. We conducted a poll and the results speak for themselves:

  • 74% of Ontarians want the option of receiving their insurance documents (proof of insurance card, insurance renewals) electronically.
  • 79% of Ontarians agree that electronic insurance information is as safe as paper-based communication.
  • 78% of Ontarians feel that receiving their insurance documents electronically would be convenient.
  • 90% of Ontarians find the ability to access their bills and financial information online to be convenient.

View the full report: An Innovation Agenda for Ontario’s Insurance Industry. For more media materials, click here.

The industry is listening to what Ontarians want. We’re proposing a few changes to insurance regulations that will put the needs of customers first. Have a look at the 4 changes – and if you agree, take a moment to sign the change.org petition at the top of this page.

About IBC

Insurance Bureau of Canada is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $9 billion in taxes and has a total premium base of $52 billion.

SOURCE: Insurance Bureau of Canada (IBC)

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