Newly-Released Agenda Focussing on UBI in Canada
The official agenda below is the result of months of independent research, reflecting the latest trends, market activities and growth in the usage based insurance space in Canada.
Scroll down to see the keynote and conference sessions that will make this year's Conference.
Auto insurance in Canada is a political and regulatory hot potato that needs to be managed shrewdly. We discuss the latest stipulations for UBI across Canada’s provinces and territories.
- Analyze the requirements for insurance regulatory filings in different provinces and territories to devise a UBI roll-out plan in line with Canada’s geographical nuances
- Discuss the potential of UBI to meet the demands of the political world, such as Ontario’s 15% reduction in auto-insurance to stay one step ahead of competitors
- Interpret the regulatory feedback from the handful of insurance carriers who have launched products, thereby shortening design and filing times to reduce time to market on new products
Consider the current market, technological and political environments in Canada and assess the potential they show for catapulting Canada to lead the international UBI scene.
- Consider the development of UBI on a global scale in order to overcome Canadian specific challenges such as regulations and data privacy concerns
- Learn from hands-on experience about the expectations and requirements of different players within the UBI value chain to take program from pilot to mass deployment
- Get a unique insight about the key advantages in Canada, (i.e. the centralisation of telecom infrastructure) that could lead to faster market UBI penetration than the States
10.40 - 11.10 Coffee Break
One of the central challenges to UBI uptake is dispelling privacy concerns. Discover key considerations that need to be addressed when managing a UBI product.
- Break down the technology. Understand how data is utilized from device to the data centre and create a secure system that allays consumer fears surrounding the robustness of UBI products
- Develop a transparent and accountable UBI framework, embodied by clear terms and conditions, that gives clear answers to questions surrounding data ownership, usage and storage to build trust amongst consumers
- Determine how future privacy debates will be shaped by advances in connected car technology so that insurers and TSPs can prepare for new customer acceptance challenges
Fred Carter, Senior Policy & Technology Advisor to the Commissioner, Office of the Information and Privacy Commissioner of Ontario
Alex Veilleux, Chief Product Manager UBI, Desjardins
Vincent Pavero, Director, Products & Innovation, iMetrik
Gil Zvulony, Barrister & Solicitor, Zvulony & Co. pc
Jeff Pearce, Editor, CI Top Broker
12.00 - 12.15 Canadian Consumers and Usage Based Insurance
KANETIX.ca recently commissioned a survey to delve into the psyche of Canadian consumers to find out if consumers are ready for usage based insurance - do they even know what it is or what it means? Discover the results that will shed light on awareness, willingness to adopt, savings expectations, and privacy, technical and ownership concerns regarding UBI from the Canadian consumer’s perspective.
12.15 - 12.50 New Data Standards to Accelerate the Canadian Market
CSIO – in collaboration with ACORD – released a telematics data standard for the Canadian P&C industry in January 2014. Assess the impact that this will have on transmitting telematics information between multiple stakeholders.
- Determine why it is crucial for the broker channel that all new Canadian telematics solutions adopt data standards to maintain data that is well managed and consistent
- Learn about the data sets that can be transmitted using the CSIO standard, such as VehicleTelematicsNotifyTransaction and Response) to get to grips with the operating capacity of this new initiative
- Explore the next phase of telematics standards, including the ability to transfer driving scores and create histograms of driving data to create a framework for brokers offering UBI premiums
12:50 - 14:15 Lunch Break
Insurance carriers need to partner with the telecommunications industry to power their UBI systems. Learn how they can work together to create a win win business case for telematics.
- Evaluate the connectivity business model for UBI which mitigates high data costs within Canada to determine a cost effective roll-out cost of provincial and national programs
- Leverage the deep-seated customer service infrastructure and relationships that MNOs have created to provide critical support and maintenance of UBI products such as billing and bundle packages
- Discover the appetite of consumers to pay for larger connectivity data plans that will be required by a fuller suite of added VAS to plot the potential popularity of UBI products
It has been said that the awareness of UBI will only take off when the largest insurance carriers enter the market. We challenge this by discussing channels to boost consumer knowledge now.
- Appreciate the value of segmented UBI strategies, i.e. offering discount and accident amnesties to 16-25 year olds, therefore maximizing the opportunity for early uptake of UBI
- Examine initiatives such as driving lessons that relay behavioural feedback (as trialled by the Alberta Motor Association)as a tool to build up acceptance and recognition of UBI
- Discuss marketing channels such as TV adverts, social media or more traditional methods to ascertain which will target the differing customer segments most effectively
Andrew Lo, Chief Marketing Officer and Chief Strategy Officer, Kanetix
Nino Tarantino, CEO, Octo North America
Paul Mlodzik, VP, Marketing and Communications, The Co-operators
Nathan George, VP Technology, Modus
15.30 - 16:00 Coffee Break
16:00 - 16:35 Analytics to Usher in a New Era of Customer Engagement
Telematics is enabling commercial businesses to transform - presenting new sources of data and analytics use cases that can engage consumers in new ways.
- Discover how the deeper analysis of driver data can be used to augment underwriting with VAS that allow carriers to get closer to the consumer
- Appreciate the need for telematics programs to be enterprise-wide ventures, from underwriting to tech. and marketing and create a joined up approach to UBI that gives you a lasting structural advantage
- Leverage global experience of big data, mobile, cloud networks and analytics across the automotive, insurance and mining industries to discover untapped, revenue streams within the emerging UBI marketing
There has already been much interest in personal lines and UBI. Learn how UBI can add value to the maintenance and cost savings of fleets.
- Connect with pain points of a tech savvy generation of fleet managers to explain the value of UBI, such as fuel efficiency and driver profiling that can improve commercial line uptake
- Determine the UBI proposition for commercial fleets by accurately pricing premiums to reward drivers who display safe driving behaviour
- Create realistic underwriting driving credentials for all types of fleet, irrespective of size and cargo that considers acceleration, braking and cornering to allow uptake from all sides of the industry
Angelique Magi, Vice President, Transportation & Strategic Initiatives, The Guarantee Company of North America
Fred Myatt, Commercial Auto Segment Director, Zurich Canada
Kevin Henderson, CEO, Indenseo
It is widely accepted that the Canadian market is in a position akin to the US three years ago. Look into how the Canadian market will sustain itself and learn from its southern cousin’s experiences.
- Case Study: Consider in-market examples such as Mobiliz in Canada and Progressive in the US to survey the strategic landscape and develop targeted programs that will differentiate your UBI offering
- Learn how the current regulatory stipulations of Canada's provinces are both enhancing and inhibiting UBI growth to accurately determine allocation of resources and attention
- Take your UBI strategy a step further with continuous product iteration and in-market testing so that insurance telematics can be fully accepted by consumers as a mainstream product
10.05 - 10.40 Changing Driver Behaviour Through UBI
Insurance telematics provides a strong impetus to drivers to be as safe on the roads as possible. We look at how UBI technology can positively affect safety.
- Strike the perfect balance for consumer feedback by considering real-time information against weekly/monthly updates to understand how best to influence driving behavior
- Discover findings from programs solely focused on improving driving safety, i.e. Saskatchewan’s Motorcyle Scheme, to better understand common driving tendencies
- Forecast how driver monitoring and risk assessment within commercial lines can make long-haul driving safer and more cost-effective, thereby contributing to cuts in insurance premiums
10.40 - 11.15 Coffee Break
11.15 - 11.55 Investing in UBI to See Significant ROI for Insurers
To launch a UBI program, a significant business case and clear ROI must be present. Having a business model that benefits the entire value chain will tick this box
- Assess the responsibilities of insurance carriers, TSPs, data aggregators and MNOs when considering cost, maintenance and customer service to streamline the UBI business model
- What is the ‘play’? Determine the business rationale and long-term gains behind launching UBI products by structuring discounts according to specific demographic needs
- Understand the need for early entry into the market to write UBI policies that develop a portfolio of preferred drivers that present less risk to the insurer
Steve Livingstone, Vice President, Telematics at RSA Canada
Len Llaguno, Senior Consultant. Towers Watson
Blair Currie, Vice President Business Development, IMS
Barrie Kirk, Executive Director of the Canadian Automated Vehicles Centre of Excellence, CAVCOE
Moderator - Colin Wright, Principal, Corner 2 Consulting
Gaining buy in for a telematics program from all departments of an insurer can be tricky. We outline the full business case for telematics and the benefits it brings the insurance carrier and the insurer consumer.
- Understand the process and business case that is required to build a robust implementation plan and the basis for a successful scheme that takes into account the impacted areas of an insurer
- Look at the infrastructure and operating model to integrate telematics into insurers’ processes such as IT, claims, pricing and underwriting to smooth and enhance claims management processes
- Discover case studies from the US and Europe to see how telematics provides a new touch point with consumers that builds dialogue and loyalty between insurer and insured to justify an investment in UBI
12.30 - 12.45 TU Industry Insight: Perspectives Surrounding Usage Based Insurance - Live Interactive Survey
Several crucial industry questions will be put to the audience and via a live interactive poll, immediate industry statistics and market predictions will be made available to you right there and then.
12.45 - 14.00 Lunch Break
14:00 - 14:35 Creating a Unified Canadian UBI Platform
Forces including standards, device commoditization and consumer rights suggest the need for an agnostic central telematics platform for performance and security.
- Leverage a cloud hosted central platform to process claims swiftly and accurately, whilst integrating multiple sales channels, beating proprietary systems for efficiency and cost
- Learn how an existing Canadian industry risk data platform will be extended with leading partners and technologies to accept telematics data from any device and distribute it to any destination or stakeholder
- Next-gen profiling: Integrate telematics with existing risk data-sets via a national, industry-wide platform for new insights, analytics and automated processes to enhance underwriting accuracy
The broker network is integral to the uptake of UBI. Utilize their relationship with the customer to portray the value of new products to hold onto and increase market share.
- Learn how brokers and their associations are pooling resources to launch telematics offerings that compete with direct insurers to maintain loyal customers and capture more of the market through UBI
- Educate brokers of the benefits of UBI, i.e. through industry workshops, to create an informed network of brokers who can confidently communicate to consumers about insurance telematics
- Discover the impact of data standards in providing a platform for the transfer of driving critical information, translating to considerable cost and efficiency savings for the broker community
Colin Simpson, CEO, Independent Broker Resources Inc. (IBRI) – part of the IBAO
Ted Harman, President, Accent Insurance Solutions
Michael Brattman, Partner / Vice President, Personal Lines, Erb and Erb Insurance Brokers Ltd.
With a blank data canvas for the Canadian market to work with, appreciate the need to store, enrich and apply critical driving information to facilitate advanced insurance premiums.
- Devise a Canadian-specific data strategy for a continual collection of driving data and improve understanding of driving habits ,presenting a strong UBI business case to regulators
- Define exactly how collected data will be used to provide cheaper premiums in order to respond to consumer concerns regarding personal privacy and data usage
- Assess additional features of UBI (aside from accurate pricing) such as incorporating location based services to create enhanced insurer – consumer dialogue and loyalty
If you have any questions, please do not hesistate to contact me.
Project Director | Telematics Update
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