January 3, 2019 by Canadian Underwriter
Canadian Underwriter approached Canadian P&C industry executives with two questions:
1) What is the single most important change the industry must make looking forward into 2019?
2) How might this change be brought about?
Their answers, featured in our 2019 Executive Outlook, may provide you with insight as you set your own agenda for change.
Colm Holmes, President & CEO, Aviva Canada
In my view, the single most important change the industry must make in 2019 is to be the champion for Canadian drivers, by pushing for reform of the auto insurance regulatory system. Specifically, that reform should allow for innovation, competition and better consumer choice, none of which exists today.
Across Canada, regulatory constraints prevent the insurance industry from embracing and implementing technology quickly – or rather, at the speed of today’s marketplace. Our industry needs to leverage technology to drive improved service, to offer convenience, and to make auto insurance more affordable for customers. As a result of a loosened regulatory grip on the auto insurance product, customers can benefit from greater choice. They will have a better and more efficient access to innovative products, which will stabilize premiums year-over-year.
This consumer-focused fix will require government and the insurance industry to work collaboratively, which we believe will provide customers the right coverage, at the right time, and at the best price.