The Centre for Study of Insurance Operations, an early advocate for electronic proof of auto insurance, is pleased to see it highlighted in the Ontario provincial budget.
CSIO President and CEO Catherine Smola told Thompson’s it released a report in February 2015 reviewing statutes and regulations governing EPAI to support the insurance industry’s ability to meet evolving consumer expectation.
“Indeed, 45% of Canadian consumers are very interested in utilizing (EPAI) and 7% already do so even without regulatory approval,” Ms. Smola said. Response to the report showed “a widespread desire among insurance carriers and brokers alike to embrace digital business models,” Ms. Smola said.
She said CSIO is currently working with industry stakeholders to support EPAI implementation.
Ms. Smola said the industry can use CSIO standards to make (EPAI) a seamless, reliable and convenient reality and available to all Canadians.
“(EPAI is) an exciting development for our industry and we look forward to regulatory approval in the near future.”
In last week’s budget the Liberal government said it would allow Ontario drivers to display proof of auto insurance on their mobile phones instead of the current paper pink slips starting this year (Thompson’s daily edition yesterday).
The government expects this move will both enhance consumer convenience and bring savings for insurance companies, which the government will want to see passed on to consumers in the form of a discount to policyholders opting for EPAI.
(as published in Thompson’s World Insurance News)