Ontario insurance reforms give brokers chance to engage with customers
Published: October 31, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Car Insurance
Auto accident benefits coverage changes in Ontario are described as a perfect reason for brokers to speak with clients about their insurance requirements. The advice was offered by the president-elect of the Insurance Brokers Association of Ontario (IBAO) at the association’s annual convention in Ottawa.
“Don’t forget every human being desires personal contact,” said Brian Purcell, who will replace Traci Boland in 2018. “A perfect example here is auto reform in 2010 and 2016,” Purcell added while speaking on Oct. 26.
The reform Purcell is referencing started on June 1, 2016 and changed the limit for Statutory Accident Benefits Schedule (SABS) has one limit, of $65,000, for medical, rehab, and attendant care. Before 2010, customers needed to buy first-party accident benefits that provided $100,000 in medical and rehabilitation benefits and $72,000 for attendant care. In 2010, the province reduced both amounts by 50%.
“How many brokers looked at that as an unwelcome increase in workload and took the easy way out just to fire off an extra piece of paper in a renewal envelope?” Purcell asked brokers at the IBAO Convention. “How many others took that as an opportunity to make personal contact with their client, review personal situations and uncover greater needs?”
Purcell is the co-owner of James Purcell Insurance Broker Ltd. and he said brokers need to fully embrace technology to make work more efficient and to meet customer demands.