One independent Ontario broker has given an overwhelming “yes” as to whether smaller insurers are ready to deploy telematics – giving credit to that province’s broker association for making it possible.
Normand Haas, president and CEO of IBMG Canada, applauds the efforts of the Insurance Brokers Association of Ontario for the creation of IBRI (Independent Broker Resources Inc.), and its co-ordination of a broker-led telematics solution.
“Excellent work and kudos to Randy Carroll and his team at IBAO and the creation of IBRI to address the transformation of our industry auto product and the future of the broker role in this newly defined space,” Haas told Insurance Business. “The future is here now indeed; and stay-tuned to the Connected Car and Driverless vehicles – dare we say the Jetsons have finally arrived to a redefined auto insurance product globally!”
In Ontario, the IBAO has already moved forward in partnering on telematics through IBRI, and will be introducing two telematics offerings to the province: Ingenie and the IBRI/Quindell solution.
Ingenie – a U.K telematics broker that is expanding into the Canadian marketplace – will provide a niche telematics product for 16-24 year olds, distributed exclusively through IBAO member brokers.
The IBRI/Quindell solution, which is a general telematics offering that provides the option for insurers to provide a broker-branded telematics solution into the marketplace. (continued.)
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Unlike other traditional telematics solutions, both IBRI solutions allows broker access to interpret their client’s risk profile and adequately advise them on the most appropriate insurance product available that will match their needs, says Carroll. A broker-branded solution, IBRI will ensure brokers are given every opportunity to leverage and build value for their customers.
The Alberta regulator is currently looking at deploying usage-based insurance in that province, and is considering broker-led solutions as well.
"We have had some presentations on broker-led solutions, so that may be an alternative for some smaller insurance companies,” said Laurie Balfour, the acting deputy superintendant of insurance for the Alberta Treasury Board and Finance at a recent telematics conference in Toronto, Ont. “We recognize the larger players may want to move on UBI first, while others may hold back and gain the experience that comes from what the larger insurers have found.”
