Ryan Stein, of Insurance coverage Bureau of Canada, on the most important challenges and alternatives going through insurers immediately—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 approaching launch of the Insurance coverage Influencers podcast. On this new podcast from Accenture, we’ll interview a number of the insurance coverage trade’s most profound thinkers. The place do they see the trade’s greatest alternatives and challenges? How can incumbent insurers place themselves in an more and more aggressive and dynamic enterprise surroundings?
We’re working exhausting 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 most important problem going through insurers immediately?
I feel it’s adapting to fulfill the altering wants of shoppers.
What’s the most important alternative going through them immediately?
Assembly these altering wants of shoppers.
Honest sufficient. What traits do you suppose ought to be on insurers’ radars proper now?
Change. Adjustments in mobility traits. How persons are getting round. Are folks nonetheless utilizing their vehicles? Are they utilizing ride-sharing? How will that change with automobile electrification and automobile automation? Do they personal vehicles? That every one impacts whether or not they purchase auto insurance coverage.
Proper. And what applied sciences may have the best impact on the trade within the subsequent 10 to fifteen years?
When automation meets sharing. So when ride-sharing includes automated automobiles, I feel that’ll change the worth level for trip sharing and will actually change how folks get from level A to level B.
Insurance coverage Influencers launches in a number of 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 vehicles, and the alternatives created by self-driving vehicles. We’ll additionally have a look at a common framework that insurers, regulators and governments can use to replace auto insurance coverage insurance policies for self-driving vehicles 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.