• Steve Kee
    insBlogs Auto Legal

    Getting money BACK in the hands of those who need it most

    January 23, 2018 by

    The calendar has flipped to 2018, and in Ontario, we continue to debate fair auto insurance benefits. In December, Ontario announced its Fair Auto Insurance Plan. This announcement came after the government’s extensive consultations regarding David Marshall’s report entitled Fair

    Read more →
  • insBlogs Auto

    We’ve Been Down This Road Before

    January 22, 2018 by

    Once again, Ontario has announced another package of auto insurance reforms. With a provincial election just months away, the Ontario government recently announced yet another plan to make auto insurance affordable for Ontario drivers. The plan is focu…

    Read more →
  • Steven Minsky

    4 Predictions for Risk Management in 2018

    January 9, 2018 by

    2017 presented a whirlwind of corporate scandals: United Airlines, Wells Fargo, Facebook, Uber, Chipotle, Equifax, WannaCry…the list goes on and on. Many of these companies suffered second and even third scandals when they failed to learn their lesson from the

    Read more →
  • Andrew Lo
    insBlogs Uncategorized

    Top Trends from CES 2018 That Will Change Insurance

    January 8, 2018 by

    It’s a freezing January but what’s really hot is all the research and innovation in technology that is being unveiled at CES 2018 in Las Vegas. From artificial intelligence (AI) and driverless cars, to gadgets and consumer electronics, the pace

    Read more →
  • Peter Morris

    Having a full discussion with voters about Ontario automobile insurance pricing

    January 5, 2018 by

    A provincial election in Ontario is expected to take place within the next six months. In the lead up to that election, it is a safe bet that all three parties will make a number of promises as to how

    Read more →
  • Steve Kee

    IBC supports systemic change for Ontario auto insurance

    January 3, 2018 by

    Last month The Globe and Mail published a three part investigative series “Licensed to Bill”, describing a systemic problem with how injury claims are settled in public and private auto insurance markets in Canada. Insurers are eager for systemic change,

    Read more →
  • Peter Morris

    The potential risks for insurers and consumers who spurn telematics

    December 21, 2017 by

    Not everyone has embraced telematics. It was reported the other day that at least one insurer has been told by its brokerage force that their customers are ‘not fans of telematics’. Carol Jardine, chief strategy office for Wawanesa, is quoted

    Read more →
  • Glenn McGillivray

    A few realizations about natural disasters

    December 20, 2017 by

    If we expect to make any progress on the natural disaster risk reduction front, we are going to have to come to a few understandings. Here are just a few of the things we will have to make peace with:

    Read more →
  • Steven Minsky

    How to Use the COSO 2017 Framework Update

    December 18, 2017 by

    This September, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a much-anticipated update to their 2004 “Enterprise Risk Management—Integrated Framework,” a renowned and widely used risk management framework. The new release is formally called “Enterprise Risk Management—Integrating

    Read more →
  • insBlogs Auto

    David Marshall’s report on auto insurance, Fair Benefits Fairly Delivered.

    December 6, 2017 by
    Back in April, David Marshall’s report on auto insurance, Fair Benefits Fairly Delivered was submitted to the Minister of Finance. What followed was a consultation process, in which that I participated. On December 5, 2017, the government announced their plan to address fraud and high premiums. I was relieved to see that Marshall’s recommendation to create an independent evaluation centre network in public hospitals was abandoned. This is an op-ed piece I wrote, which was published in the Toronto Star in October that dealt with this specific issue.

    Ontario’s crowded hospitals don’t need even more exams

    Attempts by the province of Ontario to fix auto insurance could well end up causing more harm than good to the health care system.
    Now, that’s not how it’s supposed to work. And that’s nobody’s intention. But we’d all have to live with the result.
    Here’s how we got here: The provincial government is considering a round of reforms for auto insurance in Ontario, unfortunately without basing those decisions on decent data, evidence or analysis. If adopted, the end result is going to send more people, not fewer, to hospitals, and all at a time when overcrowding is already at crisis levels in the province.
    We didn’t start out with a flawed system. Most people would agree that the introduction of no-fault auto insurance in Ontario was the right thing to do. Ontario drivers deserve an affordable system that provides coverage and protects accident victims and that’s what they got.
    It didn’t last. The insurance industry began to pressure government to make changes. Political pressure then led to successive governments adopting half-baked, knee-jerk solutions to auto-insurance delivery — anti-fraud measures were implemented, a licensing regime was created, a new dispute resolution system was put in place, basic accident benefit coverage was reduced.
    Since 2010, there have been more than 30 changes to auto insurance regulations, most, if not all, with the intention of lowering costs. Few people will suggest the system has actually been improved in that time.
    The government is now considering another round of reforms. This time it’s through David Marshall’s report on auto insurance, Fair Benefits Fairly Delivered.
    But these changes, if adopted, will be no more successful than the previous reforms. One of the most alarming is the suggestion that medical exams, when required after an accident — which are currently done in independent medical centres — should happen in hospitals.

    That is robbing Peter to pay Paul. Actually, it’s worse than that. It’s trying to fix one system while hurting a far more essential one. Current OHIP patients typically wait six to 30 months to see a specialist for an assessment. According to a recent story in the Toronto Star, it now takes 30.4 hours to be placed in an inpatient bed from the emergency department in the province. That’s the longest it’s ever been. There’s no way this helps with that problem.
    I had the lead in developing and introducing the system which saw independent medical assessments being done as part of auto insurance claims, back in 1994. In the beginning, some were conducted in hospitals.
    That didn’t last. While hospitals have different needs and resources, some could make better use of the space required, while others may not have had the patient volume to justify offering the assessments. Still more may have had trouble simply finding assessors. On the whole, hospitals decided on their own their resources were needed elsewhere. There’s no doubt that’s true.
    The other troubling recommendation the province is considering is a proposal to adopt a controversial Workplace Safety and Insurance Board model for auto insurance medical exams. The systems aren’t transferable. For example, the examiners in the WSIB system don’t appear as witnesses in disputes. But disputes are built into auto insurance claims. As a result, the proposed changes have the potential to add another layer of assessments and costs.
    Changes can and should be made to auto insurance in the province. It would be better for the province to focus on standards for those who conduct the independent examinations — something that has been recommended many times in the past. But that’s one change that’s never been made.
    The Marshall report indicates that this is “an opportunity to learn from past experience and fix the problems in the current auto insurance delivery system.”
    I don’t see that happening. Instead, I believe that implementing this report would repeat past errors. We’ve had enough of those already.
    Read more →
  • Steven Minsky

    Uber Hack: A Company in Need of Risk Management Rehab

    December 6, 2017 by

    The hot water in which Uber has been simmering has just reached new thermal heights. Back in October 2016, hackers stole the personal data of 57 million customers and drivers containing their names, email addresses, phone numbers, and in the

    Read more →
  • Andrew Lo

    Optimizing Human-Digital Interaction is Key to InsurTech Success

    November 13, 2017 by

    The insurance industry is pouring billions of dollars into disruptive InsurTech development in the hopes of meeting rapidly changing customer expectations that have been moulded by the likes of Amazon, Apple, and Google. And, as these companies continue to change

    Read more →
  • Steven Minsky

    A Shift in GRC: Consumers, Reputation, and Ethics

    November 10, 2017 by

    Recently, Forrester Research published “GRC Vision 2017-2022: Customer Demands Escalate As Regulators Falter,” which explores challenges the GRC industry will inevitably face as it develops, and the proven solution that enterprise risk management provides. We’ve broken this report down to

    Read more →
  • Peter Morris

    Why an insurer might pay more for a brokerage than what another buyer would offer

    November 7, 2017 by

    When it comes to the valuation of insurance brokerages, is the going rate driven up by the presence of insurance companies as potential purchasers? Certainly this is the feeling of many within the brokerage community. Just because many people believe

    Read more →