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Zooming In & Out on Industry Evolution
Brett Boadway, Chief Operating Officer, IBAO
Zoom In
We hear it daily. Your environment as a broker is evolving quickly and with that comes chaotic systems and abrupt right hooks at unpredictable speeds. Your days are met with new underwriting restrictions, pricing challenges, technology headaches and operational pressures. You’re trying your best to keep the organization in motion. You fight for time to think about serving and delighting your customers and avoiding missteps as another company bulletin lands on your desk. As you fight these daily battles, do you wonder… what else is going on?
IBAO involvement
Ontario Government & Ministry of Finance
Changes to Ontario’s auto insurance product must be triggered legislatively through the Provincial Government. Once their directive is put into motion, the industry and its regulators carry out the amendments for consumers.
IBAO involvement
The current government has indicated a will to implement sweeping changes to the auto product—our proposals have been identified within this process and the majority have been outlined by the
Driver Care Advisory Group
provincial regulators
The Financial Services Regulatory Authority is an independent regulatory agency created to improve consumer protection in Ontario, including the Property & Casualty Insurance sector. FSRA is accountable through the Minister of Finance, to the Ontario Legislature.
The Registered Insurance Brokers of Ontario is the self-regulatory body for Ontario insurance brokers. They regulate the licensing, professional competence, ethical conduct and insurance related financial obligations of independent general insurance brokers. Though they are self regulated, RIBO’s authority could be reshaped through legislative action triggered by the Ontario Government.
IBAO involvement
New regulator (FSRA)—new mandate, new proposed processes, new relationships and the opportunity to educate decision makers on the broker and consumer experience .

Participation in FSRA’s Stakeholder Advisory Committee,
sharing key messages on market conduct of insurers.

Coordinating market response to FSRA’s
Treating Consumers Fairly
guidelines. Discussions with RIBO on national licensing standards.
National oversite regulators
The Canadian Council of Insurance Regulators is an association of insurance regulators with a mandate of facilitating and promoting an efficient and effective insurance regulatory system to serve the public interest.
The Office of the Superintendent of Financial Institutions is an independent federal government agency that regulates federally regulated financial institutions like insurance companies to determine whether they’re in sound financial condition and meeting requirements.
IBAO involvement
Responding to CCIR’s
Fair Treatment of Consumers
  Guidelines, liaising with CCIIR, FSRA and RIBO on the marketing implications of these guidelines.

Leading market alignment discussions on OFSI’s Proposed Reforms to Reinsurance Supervision, sharing specific broker feedback and lending our support and insight to the reinsurance company coalition regarding their approach to the issue.
Insurance Companies
& Technology Vendors
IBAO involvement
Advocating for consumers when market availability issues arise

Responding to insurance company marketing/branding/consumer acquisition strategies

Supporting the need for fair underwriting processes

Leading legal reviews of insurance company & technology vendor contract rewrites, negotiations and disputes including broker compensation formulas

Advocating for brokerages with cancelled company contracts

Championing collective broker and consumer data protection needs and leading industry blueprint development

Facilitating legal consultations with brokers and vendors on consumer data breach issues
Zoom Out
Big picture evolution is happening, and it has our full attention. It’s an insurance ecosystem in flux—insurers, regulators, government, technology. All on the move in some capacity or another.
BreathE Calmly
A dialogue between respectable and trustworthy industry leaders is taking place. The brokers’ vantage point is coordinated, and we’re sharing consensus of your experience. We’re talking with industry executives, policymakers and regulators to ensure proposed solutions, in their evolutionary quest, are evidence–based, future–proof and serve the public interest. Zoom in—daily functions and consumer touchpoints. Zoom out—systemic changes and industry governance. Both perspectives need leaders, and both require a coordinated effort. We’re connecting the subtleties of the broker experience and the bigger picture of the industry. It’s the best time to work together toward convergence and speak as a single voice. So keep open lines of communication. Share examples. And alert us when something seems off. Our broker community will benefit best from this cross–fertilization of experience and support.
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