Ryan Stein, of Insurance Bureau of Canada, on the biggest challenges and opportunities facing insurers today—and how the intersection of mobility, automation and sharing could have far-reaching consequences for auto insurance providers.
We’re excited to announce the impending launch of the Insurance Influencers podcast. In this new podcast from Accenture, we’ll interview some of the insurance industry’s most profound thinkers. Where do they see the industry’s biggest opportunities and challenges? How can incumbent insurers position themselves in an increasingly competitive and dynamic business environment?
We’re working hard behind the scenes on season one. In the interim, we’re sharing clips from some of our interviews—specifically, how our guests answered the same four quickfire questions.
First up: Ryan Stein, the executive director of auto insurance policy and innovation at Insurance Bureau of Canada.
What’s the biggest challenge facing insurers today?
I think it’s adapting to meet the changing needs of consumers.
What’s the biggest opportunity facing them today?
Meeting those changing needs of consumers.
Fair enough. What trends do you think should be on insurers’ radars right now?
Change. Changes in mobility trends. How people are getting around. Are people still using their cars? Are they using ride-sharing? How will that change with vehicle electrification and vehicle automation? Do they own cars? That all affects whether they buy auto insurance.
Right. And what technologies will have the greatest effect on the industry in the next 10 to 15 years?
When automation meets sharing. So when ride-sharing involves automated vehicles, I think that’ll change the price point for ride sharing and could really change how people get from point A to point B.
Insurance Influencers launches in a few weeks, with three full episodes with Ryan. We’ll be talking about the assumptions that underpin auto insurance, how those are challenged by self-driving cars, and the opportunities created by self-driving cars. We’ll also look at a general framework that insurers, regulators and governments can use to update auto insurance policies for self-driving cars and other emerging technologies.
What to do next:
Contact us if you’d like to be a guest on the Insurance Influencers podcast.