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B.C. brokers working with ICBC to transform the public insurer’s rating system


June 18, 2010   by Canadian Underwriter


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The Insurance Brokers Association of B.C. (IBABC) is collaborating with the province’s public insurer, the Insurance Corporation of British Columbia (ICBC), to introduce ‘Vision 2014,’ a plan to upgrade the public insurer’s technology and change its rating system from a vehicle plate-based system to a driver-based system.
Newly-minted IBABC president Richard Pindral raised the collaboration in his speech to the IBABC’s annual general meeting on June 17. He said one “challenge” he will face over the next year is to ensure “the consumer is not unduly impacted” by the proposed change to the public insurer’s rating system.
In his remarks to delegates attending the annual general meeting, IBABC executive director Chuck Byrne elaborated that the broker association wants to make sure ICBC does not act hastily in trying to achieve its proposed transformation.
“I can assure that with what is going on at ICBC right now, change is upon us,” Byrne said. “As fast as they would like to see the world change, it won’t happen as quick as they want it. There’s a lot of process involved in getting their new model…off the ground.”
In the association’s 2009-10 annual report, Byrne said ICBC’s early efforts to collaborate with the broker channel demonstrated the “commitment and confidence shown by ICBC management to its distribution force by involving IBABC at the outset in its transformation planning that was set into motion in 2009.”