The largest public auto insurance carrier in Canada is implementing a new tool that appears to embrace the direct-to-consumer model and could dissuade consumers from consulting with brokers on their auto insurance policies.
The Insurance Corporation of British Columbia (ICBC) has announced that is developing a digital platform that will allow consumers to renew policies online, “instead of having to head down to a broker’s office,” according to News 1130 in Vancouver.
While the ICBC declined to provide details on the tech solution, spokesperson Adam Grossman believes it is in line with consumer demand.
“In terms of any online services, it’s serving customers in a way they want to be served. I know when I do interactions with any company, it’s a much more convenient way to do many transactions,” he told News 1130.
While some analysts are speculating whether this could be the first step toward an Americanized auto insurance industry where consumers make many of their insurance purchasing decisions online, Grossman reassures brokers are still imperative to its success.
“Anything we do, in terms of whether it’s online insurance or online insurance renewal reminders, will be absolutely in partnership with our brokers. They’re a valued part of that conversation and they’ve been involved in that from the get go,” he said.
The Crown corporation is also considering a tool that will allow policyholders to retrieve driver records and claims information online.
