Ryan Stein, of Insurance coverage Bureau of Canada, on the largest challenges and alternatives going through 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 approaching 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 surroundings?
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 friends 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 going through insurers at this time?
I feel it’s adapting to fulfill the altering wants of shoppers.
What’s the largest alternative going through them at this time?
Assembly these altering wants of shoppers.
Truthful sufficient. What tendencies do you suppose ought to be on insurers’ radars proper now?
Change. Modifications in mobility tendencies. How individuals are getting round. Are folks nonetheless utilizing their vehicles? Are they utilizing ride-sharing? How will that change with car electrification and car automation? Do they personal vehicles? That each one impacts whether or not they purchase auto insurance coverage.
Proper. And what applied sciences can 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 folks get from level A to level B.
Insurance coverage Influencers launches in a couple 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 take 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 wish to be a visitor on the Insurance coverage Influencers podcast.