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FSRA Technical Advisory Committee for Auto Insurance Data & Analytics

Summary of the Meeting of June 10, 2021
Via Teams

Technical Advisory Committee Members Present:


Name

Organization

Achraf Louitri

Intact

Aiden Chen

Facility Association

Baiju Devani

Aviva

Christopher Cooney

TD Insurance

Deana Djurdjevic

Ontario Securities Commission

Deborah Upton

Gore Mutual

Don Dela Paz

RBC

François Godbout

Co-operators

Richard Boire

Boire Analytics

Santiago Villasis

CGI

Steve Gugler

3Tree Inc.

Kai Huang

Economical Insurance

FSRA Members Present:

Tim Bzowey, Ivy Ou, Bruce Green and others from FSRA’s Auto/ Insurance Products team were present at the meeting. Aleksander Simic and Allison Wendt from FSRA’s Information Technology Department, and members from FSRA’s Auto/ P&C Policy team were also present.

General Comments

This was the fourth Auto Insurance Data & Analytics Technical Advisory Committee meeting held by FSRA. The objective of the meeting was to discuss issues with current regulatory reporting and data collection process, and to discuss future model of regulatory data collection. FSRA also provided an overview of its current initiatives in enabling digital transformation.

Discussions focused on how FSRA should collect required data that is sufficiently flexible to meet both the needs of the regulator and regulated entities, without creating unnecessary burden to the industry. The committee members also discussed factors that FSRA should consider in reviewing its data collection approach, including feasibility of data collection by the relevant parties, ability to enable innovation in the industry, accuracy of data being collected, privacy law implications and cyber security risks of data sharing, and challenges related to comparability of data pooled from the industry.

FSRA discussed next steps, including the development of two products resulting from the Technical Advisory Committee meeting discussions – i) Report on Fair Treatment of Consumers in Uses of Big Data Analytics in Auto Insurance ii) Summary of recommendations to FSRA on the following topics: Market Innovation, Regulatory Reporting and Data Sharing. FSRA noted that working group members that have expressed interest in providing advice in the development of these products will be engaged to solicit further feedback as required. A meeting will be scheduled in Fall 2021 to review the draft products.