RIBO Explores AI Innovation in Ontario’s Insurance Industry
Toronto, ON (Dec. 9, 2023) – The Registered Insurance Brokers of Ontario (RIBO) recognizes the transformative potential of Artificial Intelligence (AI) tools within the property and casualty (P&C) insurance sector. AI can enhance efficiency, deliver high-quality service, and provide individualized advice to consumers. However, adopting these tools also present new risks that may impact consumer protection.
To better understand these implications, RIBO commissioned the Behavioural Insights Team (BIT) to conduct a comprehensive study on the role of AI in the sector and its alignment with RIBO’s mandate. In Summer 2024, BIT completed an extensive review, which included:
- A scan of relevant reports and articles from regulators, academics, and industry participants.
- Interviews with Ontario-based brokers to gain on-the-ground insights.
In addition to BIT’s research, RIBO conducted supplementary interviews with brokers representing small and medium-sized businesses, including independent and insurer-owned brokers. To further validate the findings, RIBO engaged with other industry participants including other regulators and technology vendors, which provided valuable perspectives on AI innovation and its challenges.
Shaping the Future of AI Regulation in Insurance
Through this research, RIBO has developed a deeper understanding of AI’s impact on the sector. This includes evaluating the resilience of the existing Code of Conduct to address the new regulatory challenges posed by AI. The findings will guide RIBO in developing future regulatory strategies that uphold consumer protection and ensure responsible innovation.
Full Findings
To learn more about the insights gained through this research, explore the report with full findings.
On December 13, as part of the Future of Insurance Canada 2024 event at the Sheraton Centre in Toronto, Jessica Harper, RIBO Director of Policy, Licensing & Standards and Behavioural Insights Team Director Sasha Tregebov will speak about building trust in the AI-driven insurance era. Harper will also be part of a speaker Q&A about the growth opportunities with partnerships. Learn more and register to attend by visiting the Thomson Reuters website.
About RIBO
The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all general insurance brokers in the province. For more information, please visit www.ribo.com.
SOURCE: Registered Insurance Brokers of Ontario (RIBO)
Tags: Artificial Intelligence (AI), Ontario, RIBO