Amid its financial struggles, the Insurance Corporation of British Columbia (ICBC) has revealed that it is considering transacting auto insurance renewals online.
Attorney General David Eby recently revealed at the legislature that the Crown corporation has plans, but they could take time to implement.
“We will be looking at and introducing online renewals for people,” Eby told reporters. “It just hasn’t been the priority given the state of the [Insurance Corporation of BC]”
With the ICBC teetering on the edge of financial collapse, the provincial government has been stuck trying to address the insurer’s immediate fiscal issues over introducing new services, such as online renewals.
“Basically, we’ve been plugging the holes in the bottom of the boat right now getting ICBC’s finances to turn around,” the attorney general commented.
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The Insurance Brokers Association of BC (IBABC) welcomed news of the possible launch of online auto insurance transactions.
“When online ICBC transactions are introduced, it will likely start with the simplest transactions and expand from there,” said IBABC executive director Chuck Byrne in a statement to CBC News. “Over time, when cost savings can be removed from the system, brokers will be keen to see those savings passed on to their clients.”
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ICBC’s plans to open up online auto insurance transactions come as Manitoba Public Insurance (MPI) continues to negotiate with the province’s brokers over how online transactions should be handled, and what role brokers should play in the system.
