Technical Advisory Committee for Auto Insurance Data and Analytics Strategy
Insight from data collected now and in the future by FSRA has great potential to improve the way auto insurance is regulated in Ontario. The regulator’s emerging data and analytics capability is also expected to be valuable in supporting auto insurance reforms in general. The Technical Advisory Committee for Auto Insurance Data and Analytics Strategy (“the Advisory Committee”) will play an important role in improving FSRA’s regulatory efficiency and effectiveness through the use of data and analytics.
FSRA is establishing the Advisory Committee as a special purpose committee that will provide expert insight to FSRA as we seek to improve regulatory efficiency and effectiveness by using data, analytics and technology.
The Advisory Committee will also provide expert advice on the consumer impacts and regulatory implications of the use of artificial intelligence (AI) and big data analytics (BDA) in auto insurance.
The recommendations from the Advisory Committee will inform the development and implementation of FSRA’s Auto Insurance Data and Analytics Strategy.
Advisory Committee Membership
|Nomination Process||FSRA will post a process for nominating individuals on its website.|
|Appointments||FSRA will appoint members based on the skills and experience of the nominees, with an emphasis on ensuring adequate diversity by geography and organization size.|
|Committee Size||FSRA is seeking 10 – 14 members for the Advisory Committee (not including FSRA participants). FSRA may choose to add or remove a member at any time.|
|Member Qualifications||Members of the Advisory Committee should be senior members of their respective organization or profession who can represent their organization or profession on relevant issues related to automobile insurance data and analytics.
In particular, FSRA is seeking members with direct experience related to using data, analytics and technology to improve regulatory efficiency and effectiveness, with a focus on experience related to –
|Member Responsibilities||FSRA expects members to:
|FSRA Members||FSRA’s Director, Auto Risk Classification, will Chair the Advisory Committee.|
Advisory Committee Outcomes
The Advisory Committee is expected to deliver the following outcomes, resulting from the committee meetings:
- Advice to inform FSRA’s data collection strategy and implementation plan to improve the way auto insurance is regulated in Ontario, in particular, how RegTech can be used for regulatory reporting and integrating data from the auto insurance system in an effective and efficient way;
- Advice to inform the future state of data sharing in the auto insurance system to better serve consumers and key enablers (e.g. legal, technology, regulatory enablers); and
- Advice on regulatory implications of governing the use of AI and BDA in the auto insurance system to protect consumer interest while promoting market innovation.
The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, as amended, will generally apply to information provided to the Advisory Committee and to material prepared by or for the Advisory Committee.
Members of the Advisory Committee are permitted to obtain assistance from co-workers or industry collaborators. However, until the Advisory Committee’s mandate is complete, Advisory Committee members and those that assist them are requested to maintain confidentiality (with the exception of information made public by FSRA). Following completion of the Advisory Committee’s mandate, an Advisory Committee member may communicate his or her views concerning the work of the Advisory Committee.
Meetings, Agendas and Deliverables
The Advisory Committee is expected to hold meetings at least on a semi-annual basis. Individual working groups within the Advisory Committee are expected to meet quarterly or more frequently based on need. Meetings will be held by videoconference, teleconference or in person where appropriate.
FSRA will provide meeting agendas and related materials at least one week in advance of each regular meeting. FSRA will also prepare a summary of each meeting and distribute it, including any accompanying written submissions, to Advisory Committee members no later than three weeks following a meeting. FSRA also intends to publish a high-level summary of the Advisory Committee’s work on FSRA’s website.
FSRA is expecting the Advisory Committee to complete its mandate after approximately one year of the Committee being formed.