ICBC, brokers open task force for auto insurance
Published : Friday, 14 February, 2020 at 8:01 PM Count : 221
ICBC has set the wheels for online renewals for auto insurance.
ICBC and the Insurance Brokers of B.C. have launched a task force and meet this week with plans to put together a report for Attorney General David Eby.
The task force’s task will be to determine what the online system will look like, how much it can save drivers, and what types of car insurance can be renewed online.
Executive Director of Insurance Brokers Chuck Byrne said, “The criterion we are looking at is a simple renovation that can do anything a customer does from their home, laptop, their phone, without the risk of making a wrong decision”.
“I think the complexity of the transaction cannot be avoided. It’s not like ordering on Amazon.”
The Insurance Brokers of B.C. says almost half of all broker transactions are renewed.
In the 2016/17 fiscal year, which was 15 months long due to fiscal calendar transition, brokers were paid $510 million by ICBC. In 2017/18 brokers were paid $434 million and last fiscal year the bill was $490 million.
Brokers are paid a fixed fee for basic insurance and and paid a percentage for optional insurance renewals and purchase.-Internet