Car owners score poorly on auto insurance quiz
January 20, 2022 Canadian Underwriter StaffCanadians who have auto insurance really need to re-read the fine print on their policies, a recent survey found. A poll of more than 1,300 auto policy holders, conducted by rate comparison site Ratehub.ca, focused on 10 common misconceptions around…
Why UBI will survive the pandemic
January 19, 2022 Canadian Underwriter StaffIt’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to…
How UBI could empower your client
November 19, 2021 by Jason ContantUsage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference. “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer…
With 81% of polled Canadians yet to try UBI, brokers have opportunity to educate and sell
October 26, 2021 Canadian Underwriter StaffWhile usage-based insurance (UBI) has been around for nearly nine years in Canada, a new survey shows only 57% of Canadians have heard of UBI and 81% of those surveyed have not tried it – presenting an opportunity for brokers…
How will brokers fit into new online distribution models?
August 30, 2021 by Jason ContantEditor’s Note: This story has been updated to include feedback from the Insurance Corporation of British Columbia. Brokers will need to determine where they fit in as more consumers move to online and point-of-sale transactions, said Sarah Thompson, chief…
Are you offering insurance products that your clients want during the pandemic?
March 16, 2021 by Jason ContantSeven in 10 consumers and small business owners want home protection and usage-based insurance policies for the current remote working environment, a recent survey from Ernst & Young found. “With consumers spending more time at home and online, new concerns…
Why it’s hard to make telematics ‘commercially viable’ in Canada
August 13, 2020 by Greg MeckbachIf regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good…
How Intact is changing usage-based auto insurance in one province
October 21, 2019 by Greg MeckbachIntact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end…