With imminent changes coming to the auto insurance sector in Ontario, brokers are being advised to make sure their teams are educated on the changes so they can answer client questions.
Renee Clarke, claims manager for Travelers Canada, warned that brokers will be most challenged to explain the nuances of each optional benefit. But she believes it’s also an opportunity for brokers to demonstrate their capability and value and deepen the customer relationship.
The Insurance Brokers Association of Ontario (IBAO) announced
last month several changes to the auto insurance system in the province. The reforms are designed to reduce the incidence of fraud and abuse in the system, which force up premiums.
As of June 1, standard insurance policies will have lower accident benefit limits, new options to increase coverage, new procedures for payment, and a mandatory winter tire discount of up to 5%.
Clarke said that because customers rely on their brokers for insurance expertise and advice, it is important that brokers be part of the dialogue regarding the upcoming changes to auto insurance in Ontario.
“Change can be a challenge, but these reforms are being delivered by the Ontario government in the hopes of a better insurance product,” she said.
Clarke advised brokers to invest time in making sure their team is well-informed on the product and the changes that will happen. It may be challenging to explain the nuances and intricacies of each optional benefit, but brokers should see it as a chance to show their capability and deepen their relationship with their customers.
In order to notify its members and industry partners of the upcoming changes in auto insurance, the IBAO will be holding a webcast on March 2, 2016 at 9:30-11:30am.
Aside from Clarke, the other panellists of the webcast are: Hugh Fardy, Senior Vice President, CG&B Group, Mari Maimets, associate at Thomas Gold Pettingill LLP, and Gillian Van Kempen, Executive Vice President, Best Buy Insurance Brokers. Byan Yetman, VP of operations for First Durham Insurance Brokers, will be the moderator.