ICBC: Drivers get “one free crash” under updated unlisted driver protection

Insurance Business America | May 13, 2019

The Insurance Corporation of British Columbia (ICBC) has outlined changes for its unlisted driver protection policy, giving drivers who lend their vehicles to unlisted drivers one “free” crash before they have to pay for the program. The unlisted driver protection program was introduced last September. It is meant to protect drivers in the event someone who is not listed on their policy crashes the vehicle. Notably, ICBC considers individuals who drive a vehicle 12 times a year or less as unlisted drivers. Under the planned changes to the unlisted driver protection policy, drivers have the option to pay the one-time $50 fee into the program – but only after the first free crash. On top of changes to the unlisted driver protection program, ICBC is also considering a number of directives submitted by the provincial government – one such change prohibits individuals from adding low-risk drivers that are not household members or employees to their policies to artificially reduce their insurance premiums.

Spotlight

The highly competitive $230-billion auto insurance industry has continued to face increasing losses, as indicated by their combined ratio measures being greater than 100% for both private passenger and commercial auto lines of business. This ongoing financial pressure is forcing these insurance companies to explore new ways of improving both their pricing accuracy and bottom line.

Spotlight

The highly competitive $230-billion auto insurance industry has continued to face increasing losses, as indicated by their combined ratio measures being greater than 100% for both private passenger and commercial auto lines of business. This ongoing financial pressure is forcing these insurance companies to explore new ways of improving both their pricing accuracy and bottom line.

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CORE INSURANCE

ISG to Publish Report on Insurance BPO, ITO Services

ISG | July 16, 2022

Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes. The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA). Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients. Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.” ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are: Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits. Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe. BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator. Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience. Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report. An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors. A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study. All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback. About ISG Provider Lens™ Research The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage. A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types. About ISG ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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INSURANCE TECHNOLOGY

JAB’s Pet Insurance Business to Acquire Global Pet Insurance Operations of Fairfax Financial

JAB Holding | June 22, 2022

On June 20, JAB Holding Company and Fairfax Holdings Limited announced a strategic partnership. JAB’s pet insurance business has agreed to acquire all of Fairfax’s interests in the Crum & Forster Pet Insurance Group™ (“C&F Pet”) and Pethealth Inc., including all of their worldwide operations. Fairfax will also make a $200 million investment in JCP V, JAB’s latest consumer fund. “Fairfax is very happy to partner with Olivier Goudet and JAB Holding Company,” said Prem Watsa, the Founder, Chairman and CEO of Fairfax. ”JAB has had an outstanding track record over the past 10 years and we expect this to continue. While we have sold our pet insurance business to JAB, we will invest $200 million in their JCP V to become their partners. We expect JAB to soon become leaders in pet healthcare and pet insurance globally. We wish them much success.” “We are extremely excited to partner with Prem and his organization on this transformational transaction, and to welcome them as a partner in our fund,” said Olivier Goudet, Managing Partner and CEO of JAB. “Prem has an incredible multi-decade track record of building great businesses and compounding returns, and we look forward to accelerating the growth of their pet insurance business as part of our focused pure-play pet insurance platform.” “Today’s transaction is a major milestone for us in our mission to become a global leader in pet insurance and the pet health ecosystem,” said Dirk Beeckman, CEO of JAB’s pet insurance portfolio. “It also significantly advances our mission of providing the leading health and wellbeing ecosystem for pets through the offering of affordable, comprehensive pet products and brands throughout a pet’s lifecycle. C&F Pet‘s long history of disciplined omni-channel underwriting fits perfectly with our culture, and we look forward to working with the team.” “We are extremely proud of what we have built and accomplished together in the animal welfare community and the pet insurance ecosystem,” said Gary McGeddy, President of Crum & Forster A&H. “We are confident that JAB will continue to invest and focus on pets and pet parents while growing their global presence and we are excited about the future and our partnership.” The transaction is expected to close in the second half of 2022, subject to customary closing conditions, including various regulatory approvals.

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INSURANCE TECHNOLOGY

Beat Capital Partners Picks OneShield to Launch New MGAs

Beat Capital | May 18, 2022

Beat Capital Partners is expanding into the United States and has selected OneShield Software's SaaS technology platform to launch new Managing General Agents (MGAs). Beat Capital Partners is a highly successful insurance sector investor in the United noted for providing start-up money, infrastructure, risk capital, and A+ rated paper to new ventures. The outstanding features of the OneShield Market Solutions (OMS) SaaS platform are the reason for Beat's entry into the US market. OMS includes functionality for policy management (binding, quoting, and servicing), billing (invoicing through payment), claims administration and document management, reporting, and analysis. All of these can be customized to meet the complex needs of MGAs. We did a thorough analysis of available insurance technology platforms and chose OneShield for various reasons, including OMS's all-in-one pricing approach, overall system capabilities, and substantial industry knowledge. The team at OneShield thoroughly understood our overall business concept, and the platform itself has a stellar reputation in the startup and MGA markets." April Galda Joyce, CEO of Beat Capital America. Last year was a big year for OneShield's SaaS offering as many start-up insurers and MGAs wanted to adopt scalable and adaptable technologies with proven rapid time-to-market deployment schedules. We are delighted to meet these similar standards for Beat Capital and look forward to working with them as they expand their business in the United States." Liza Smith, OneShield's Chief Revenue Officer.

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