BC Chamber of Commerce calls for end to ICBC’s auto insurance monopoly

insurancebusinessmag | May 27, 2019

The Insurance Bureau of Canada (IBC) is rallying behind the British Columbia Chamber of Commerce after it called for an end to the Insurance Corporation of British Columbia's (ICBC) monopoly over the province’s auto insurance system.The BC Chamber of Commerce endorsed auto insurance competition during its most recent annual general meeting. The resolution was co-sponsored by the Richmond and Abbotsford chambers of commerce, and was supported by the Williams Lake, Port Hardy and Kelowna chambers of commerce.

Spotlight

The emerging technologies of robotics, artificial intelligence, and unmanned vehicles are already providing us with enhanced capabilities to work faster, more accurately, more consistently and more safely. As these technologies evolve and, in many cases, converge, the scope of what can be automated will expand dramatically. Digital systems will shift from being mere enablers of human functions to shouldering the majority of the responsibility for delivering an end-to-end service. At its core, the insurance industry exists to reduce (or make restitution for) risk and harm. Digital technologies enable us to identify, prevent and respond to risk and harm, in more efficient and smarter ways. Communication and decision making, both on the customer side and the insurer side, are being enhanced and expedited. Beyond this, insurers are exploring new ways to prevent harm, through systems that connect enhanced detection with efficient mitigating responses.

Spotlight

The emerging technologies of robotics, artificial intelligence, and unmanned vehicles are already providing us with enhanced capabilities to work faster, more accurately, more consistently and more safely. As these technologies evolve and, in many cases, converge, the scope of what can be automated will expand dramatically. Digital systems will shift from being mere enablers of human functions to shouldering the majority of the responsibility for delivering an end-to-end service. At its core, the insurance industry exists to reduce (or make restitution for) risk and harm. Digital technologies enable us to identify, prevent and respond to risk and harm, in more efficient and smarter ways. Communication and decision making, both on the customer side and the insurer side, are being enhanced and expedited. Beyond this, insurers are exploring new ways to prevent harm, through systems that connect enhanced detection with efficient mitigating responses.

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Policygenius | June 27, 2022

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Styra Named an ‘Outperformer,’ in New GigaOm Report, Highlighting Its Role in Redefining the Policy-As-Code Category

Styra | July 08, 2022

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Surefire Cyber Introduces Incident Response Company to Aid the Cyber Insurance Industry

Surefire Cyber | June 01, 2022

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