Insurance coverage developments with Ryan Stein

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Ryan Stein, of Insurance coverage Bureau of Canada, on the most important challenges and alternatives going through 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 upcoming launch of the Insurance coverage Influencers podcast. On this new podcast from Accenture, we’ll interview a few of the insurance coverage trade’s most profound thinkers. The place do they see the trade’s largest alternatives and challenges? How can incumbent insurers place themselves in an more and more aggressive and dynamic enterprise surroundings?

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 chief director of auto insurance coverage coverage and innovation at Insurance coverage Bureau of Canada.

What’s the most important problem going through insurers at present?

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

What’s the most important alternative going through 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. Adjustments in mobility developments. How persons are getting round. Are folks nonetheless utilizing their automobiles? Are they utilizing ride-sharing? How will that change with automobile electrification and automobile automation? Do they personal automobiles? That every one impacts whether or not they purchase auto insurance coverage.

Proper. And what applied sciences may have the best impact on the trade within the subsequent 10 to fifteen years?

When automation meets sharing. So when ride-sharing includes automated automobiles, I believe that’ll change the worth level for journey sharing and will actually change how folks get from level A to level B.

Insurance coverage Influencers launches in a couple 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 automobiles, and the alternatives created by self-driving automobiles. We’ll additionally take a look at a common framework that insurers, regulators and governments can use to replace auto insurance coverage insurance policies for self-driving automobiles 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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