TORONTO, May 1, 2017 /CNW/ - The Insurance Brokers Association of Ontario (IBAO) and insurance brokers across the province welcome the introduction of digital proof of insurance, as announced in the 2017 Ontario Budget.
Currently, insurers in Ontario print and mail a paper slip for consumers to carry as their proof of auto coverage. With this new measure, drivers will be able to provide proof of insurance on their mobile phone instead of carrying traditional pink slips in their vehicle.
"Paperless proof of insurance will improve the digital insurance experience for Ontarians," said IBAO CEO Colin Simpson. "The process will become much easier for consumers by not having to replace pink slips every time their auto policy is renewed. Consumers will be able to access proof of insurance through insurance broker mobile apps."
"This is a step in the right direction to improve auto insurance in this province," said IBAO President Traci Boland. "Workflow efficiency is what we need in this industry. Cost savings on printing and mailing insurance documents will positively impact consumers through mandated discounts for digital proof of insurance."
This is the first of many opportunities that enhance the ease of doing business.
"Although the industry has made great strides in technological progress, the advent of electronic proof of insurance is just the beginning of a new push for consumer efficiency and savings," said Simpson. "The government's consideration of long-term changes to the insurance system will allow for greater competition and innovation in auto insurance, and respond to changing market conditions and consumer needs."
The budget revealed that the province is investing $80 million over five years to create the Autonomous Vehicle Innovation Network to capitalize on the economic potential of autonomous vehicles and help the province's transportation systems and infrastructure adapt to the technology.
"Insurance brokers will play a large role in educating the public on driverless cars, which have become a reality on Ontario roads and now a focus of the Provincial Government," said Simpson. "Brokers are experts in all issues facing the industry. As consumer choice gets more complex, it's become even more important to fully understand what's available and obtain proper coverage to protect your assets and family."
The Insurance Brokers Association of Ontario (IBAO) is a not‐for‐profit association representing and serving the interests of over 12,000 independent property & casualty insurance brokers in Ontario.
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SOURCE Insurance Brokers Association of Ontario (IBAO)