Pursuing a More Innovative Ontario Insurance Sector: Barriers and Opportunities Report
The Financial Services Regulatory Authority of Ontario is actively working with the insurance sector to try and develop and adopt new ground-breaking ideas.
Recently, FSRA’s Innovation Office held consultations with stakeholders to hear about innovative opportunities and regulatory barriers to innovation in their sector.
To summarize this input, FSRA is releasing the Pursuing a More Innovative Ontario Insurance Sector: Barriers and Opportunities Report.
FSRA’s Innovation Office wants to thank everyone who participated in the consultations and is committed to ongoing dialogue with the insurance sector to ensure consumers have access to the latest advancements while protecting the public interest.
The report is broken down into two categories:
- auto insurance, and
- other lines of insurance
The commentary we received from our discussions with auto insurance sector stakeholders highlights four main themes for supporting innovation:
- New mobility solutions
- Reform of the mandatory auto insurance product
- Usage-based insurance and telematics
- Researching the use of credit information in the pricing of auto insurance
The commentary we received from our discussions with other insurance sector stakeholders highlights three main themes for supporting innovation:
- Electronic designation of beneficiaries
- Standardization and harmonization
FSRA wants to hear from you! What innovations, opportunities, barriers, and trends are you seeing in the insurance sector that could benefit consumers or improve business efficiency for industry players?
Contact [email protected] to share your ideas or if you or your firm has interest in participating in a FSRA Test and Learn Environment.
FSRA launched its Innovation Office in 2020 to collaborate with entrepreneurs and businesses and help ensure consumers have access to the latest advancements in financial services while protecting the public interest.
In 2022, FSRA released its Pursuing a More Innovative Ontario Mortgage Brokering Sector: Barriers and Opportunities Report
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.