IBAO CEO Colin Simpson, President Jeff Gatcke and President-Elect Joseph Carnevale attended the meeting with key policy figures at the Ministry of Finance — David Wai, Assistant Deputy Minister of the Financial Services Policy Department, Joel Gorlick, Director of the Financial Institutions Policy and Vivien Lee, Senior Policy Advisor, Financial Services Policy.
Ontario Auto was the central topic of the meeting with a focus on innovation in this space. They made clear that the government is committed to addressing a wide breadth of insurance issues. Additional topics of discussion included data connectivity, distracted driving, small commercial automation and telematics.
“They were interested in our insight and suggestions and we’ll be participating in various follow-up meetings over the next few weeks,” said President Jeff Gatcke.
“It’s very pleasing that the current government sees the IBAO as a source of valuable insight in the current market,” said CEO Colin Simpson. “There is a real recognition that brokers — and therefore the IBAO — are seen as the voice of the consumer.”
1 Comment
Frank Cain
The continuation of poor results from Ontario auto insurance (my own insurance increased over $400 with this year – top star everyway) does not need more online sourcing for clients or more digital anything. What it needs is an entirely new perspective on how it should be run. My first choice is the BC concept that the foes of the NDP in 1990 said would cost $15 million and displace 10’s of thousands of jobs. Rediculous! Secondly, turning insurance for auto into indemnification. With reimbursement from the insurer after the fact, there would bound to be a better handle on repair costs and a diminution of fraud. Perhaps care and consideration would enter into a driver’s id at this point.
If we keep going as we are, it will automatically become Gov’t run for primary coverage as too many top-grade insurer’s are already looking askance at this unprofitable insurance item. The writing is on the wall.