The current regulatory environment is fuelling commoditization of usage-based insurance (UBI) offerings, something that could be at odds with how open consumers are to exploring different options, Colin Wright, principal of Corner 2 Consulting, suggested during a presentation Thursday.
Author Archives: Admin2
MORE REDUCTIONS IN AUTO INSURANCE COVERAGE?
We have all experienced or heard about high insurance premiums in the Ontario auto insurance system. Why does this occur? The insurance industry wants us (and the politicians at Queen’s Park) to believe that premiums are high solely because too much money is being paid out in claims. Is this really the case?
http://oatleyvigmond.com/more-reductions-in-auto-insurance-coverage/#.U4jBMXY9ldg
Awareness of UBI programs low among Canadians, but many willing to use telematics for lower premiums
A majority of Canadians are optimistic about usage-based auto insurance if it could lower their rates, but awareness of telematics programs remains quite low, according to a new survey from Kanetix.
Half of polled UBI program customers report becoming better drivers: Desjardins
Half of the respondents to a poll marking the one-year anniversary of Desjardins General Insurance Group’s (DGIG) launch of its usage-based insurance (UBI) programs said they are safer drivers and almost seven in 10 said they now pay more attention to acceleration and braking
New KANETIX Survey Shows Canadians Do Not Really Know Usage-Based Insurance
A survey conducted by the research company, Leger, for KANETIX.ca shows only 18 percent of consumers across Canada are actually familiar with usage-based insurance.
Telematics Conference in Toronto Steers for Answers
Insurers and brokers are debating data and sifting solutions at the two-day Insurance Telematics Canada conference in Toronto… with consumer worries and the regulatory framework uppermost in their mind.
http://www.citopbroker.com/news/telematics-conference-in-toronto-steers-for-answers-6762
Who should run Queen’s Park? Brokers weigh in
The Insurance Business poll question, ‘Who will be the best voice for the insurance industry at Queen’s Park?’ produced a clear winner – and some clear losers.
Of the 128 who took part in the poll, 54 indicated that the Conservatives would best represent the insurance industry while running Ontario.
Of the 128 who took part in the poll, 54 indicated that the Conservatives would best represent the insurance industry while running Ontario.
ONTARIO AUTO INSURANCE: WHAT ARE WE PAYING FOR?
If you drive a vehicle in Ontario, the law requires that you insure your vehicle. Every auto insurance policy includes mandatory no-fault benefits. We pay for these benefits with our premium dollars. While premiums have continued to climb year after year, the no-fault accident benefits for injured victims continue to erode. While benefits have been steadily declining for many years, the changes that were imposed in September 2010 were the most drastic and punitive to date.
FSCO introducing guideline changes next week
An increase to Ontario’s minimum wage won’t be the only change coming June 1, as the Financial Services Commission of Ontario is revising the hourly rate guideline for attendant care benefits in the province’s standard auto insurance policy.
http://www.insurancebusiness.ca/news/fsco-introducing-guideline-changes-next-week-177987.aspx
Savings Grace
Several insurers in Ontario have opted to use telematics to provide auto policyholders in the province with discounts. But some insurance professionals contend that only by also adding surcharges for risky behaviour will drivers be on their best behaviour and carriers be able to take full advantage of the technology.