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Monday, April 15, 2024

Insurance coverage developments with Ryan Stein

Ryan Stein, of Insurance coverage Bureau of Canada, on the most important challenges and alternatives dealing with insurers at present—and the way the intersection of mobility, automation and sharing might 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 among the insurance coverage business’s most profound thinkers. The place do they see the business’s largest alternatives and challenges? How can incumbent insurers place themselves in an more and more aggressive and dynamic enterprise setting?

We’re working laborious 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 dealing with insurers at present?

I feel it’s adapting to satisfy the altering wants of customers.

What’s the most important alternative dealing with them at present?

Assembly these altering wants of customers.

Honest sufficient. What developments do you suppose ought to be on insurers’ radars proper now?

Change. Modifications in mobility developments. How individuals are getting round. Are individuals 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 automobiles, I feel that’ll change the worth level for experience sharing and will actually change how individuals 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 take a look at a normal 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 in case you’d wish to be a visitor on the Insurance coverage Influencers podcast.

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