Yes it does. At Aviva Canada, this is the new way we work; centred on customer needs with a
digital focus. We have put ourselves in the hub of digital innovation to connect with and attract
brilliant digital minds. And, we are committed to working with our broker partners to ensure we
are ready to meet consumers’ insurance needs in the digital space.
Why – because customers deserve insurance made easy. This is Aviva Canada.
Contact your Aviva Business Development Representative to find out more.
Aviva and the Aviva logo are trademarks used under license by the licensor.
Insurance – Home | Auto | Leisure & Lifestyle | Business | Surety
risk drivers, including those drivers
who choose to drive high-value luxury
vehicles, will reduce claims costs and
promote a cultural shift toward safer
driving. According to EY, “ICBC needs
to change its pricing and risk model to
clearly identify and penalize higher-risk
drivers and conversely improve the re-
ward system for those who drive safely.”
RoadSafetyBC is the government
agency that includes the Superintendent
of Motor Vehicles, driver licensing and
fitness, and enforcement of the rules
of the road. Its operation and funding
mechanism, as well as the regulatory
oversight regime, are both within the
scope of change.
In 2003 the BC Utilities Commission
(BCUC) was appointed as the regulator
responsible for approving rates for ICBC’s
Basic insurance premiums and ensuring
there is no cross-subsidization between
ICBC’s Basic and Optional operations.
It was a move intended to depoliticize
ICBC’s rate-setting, but it required ICBC
to conform to a rate-application process
designed for the province’s power and en-
ergy sector, and government still couldn’t
resist tinkering with ICBC when it was
politically expedient. The corporation
would benefit from a less expensive and
less bureaucratic approach to competi-
tive pricing with an enhanced ability to
respond to customer requirements and
changing market conditions.
Successful implementation of leading
quality assurance and fraud mitigation
programs could generate approximately
$30 to $60 million in annual savings,
and strategic sourcing initiatives could
provide savings of over $150 million over
the next five years.
Looking past the immediate crisis, a
number of other factors come into play.
Increasing sophistication of crash-avoidance systems, fully autonomous
vehicles, and movement away from
individual ownership toward car share
and an expansion of fleet operations
will fundamentally change the nature of
The concept of mobility pricing also
awaits review. TransLink, Metro Vancou-
ver’s regional transportation authority,
As for the expansion of private insur-
ance, it appears to be a non-starter.
MacPhail notes that where there is
optional insurance available through
private insurers, some 80% of ICBC
customers choose ICBC over private
providers for that optional coverage.
In light of potential changes to ICBC
coming in the near future and over the
long term, MacPhail recognizes the
important role brokers play. “I know
how valuable our brokers are on so many
levels. Any changes will have to be done
in consultation with them,” she says.