Ryan Stein, of Insurance coverage Bureau of Canada, on the largest challenges and alternatives dealing with insurers at this time—and the way the intersection of mobility, automation and sharing may have far-reaching penalties for auto insurance coverage suppliers.
We’re excited to announce the upcoming launch of the Insurance coverage Influencers podcast. On this new podcast from Accenture, we’ll interview a number of the insurance coverage business’s most profound thinkers. The place do they see the business’s greatest alternatives and challenges? How can incumbent insurers place themselves in an more and more aggressive and dynamic enterprise atmosphere?
We’re working arduous behind the scenes on season one. Within the interim, we’re sharing clips from a few of our interviews—particularly, how our visitors answered the identical 4 quickfire questions.
First up: Ryan Stein, the manager director of auto insurance coverage coverage and innovation at Insurance coverage Bureau of Canada.
What’s the largest problem dealing with insurers at this time?
I feel it’s adapting to satisfy the altering wants of shoppers.
What’s the largest alternative dealing with them at this time?
Assembly these altering wants of shoppers.
Honest sufficient. What developments do you assume needs to be on insurers’ radars proper now?
Change. Modifications in mobility developments. How individuals are getting round. Are individuals nonetheless utilizing their automobiles? Are they utilizing ride-sharing? How will that change with car electrification and car automation? Do they personal automobiles? That each one impacts whether or not they purchase auto insurance coverage.
Proper. And what applied sciences may have the best impact on the business within the subsequent 10 to fifteen years?
When automation meets sharing. So when ride-sharing entails automated autos, I feel that’ll change the value level for journey sharing and will actually change how individuals get from level A to level B.
Insurance coverage Influencers launches in just a few weeks, with three full episodes with Ryan. We’ll be speaking concerning the assumptions that underpin auto insurance coverage, how these are challenged by self-driving automobiles, and the alternatives created by self-driving automobiles. We’ll additionally have a look at a normal framework that insurers, regulators and governments can use to replace auto insurance coverage insurance policies for self-driving automobiles and different rising applied sciences.
What to do subsequent:
Contact us for those who’d prefer to be a visitor on the Insurance coverage Influencers podcast.