Canadian Insurance Regulation

550 Words2 Pages

Shawn
Regulations & legislation:

The Canadian P&C insurance industry has high standards regarding regulations which companies need to comply with. This is specifically true when analyzing the auto insurance segment. Due to these highly regulated requirements, provincial governments need to interact in order to administer how claims are managed as well as how complaints are handled. Furthermore, the federal government is also involved when it comes to evaluating a fair play between consumers and insurance companies. In order to protect and benefit customers as well as helping insurers by improving the effectiveness of regulatory proposals, the federal government oversees the regulation process. Since the financial crisis of 2008, the Canadian …show more content…

Looking at the legal environment, both the provincial and federal government have authority concerning insurance legislation in Canada. The federal government looks over most federally incorporated insurance companies in order the ensure the insurer’s credibility while the provincial government looks over provincially incorporated ones. Furthermore, all licenses, contracts and conditions concerning agents, brokers and insurance rates are evaluated by the Canadian government.

Influence of technology & industry’s future:

Looking at progression of technology within the industry, it is clear that all technological innovation concerning the insurance world is raising customer expectations. Moreover, these new advances in tech are creating technological business models. Therefore, insurance companies need to adapt to these new innovations in order to support increasing demands and expectations from their customers. The threat of new insurers who have taken advantage of Insuretech has forced big players to quickly revise and adjust their current business model to digital solutions. This new Insuretech trend allows insurance companies to use technology in way to acquire new

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