New report on the sharing economy

Through the Emerging Issues Research Series, the Institute is establishing itself as the source for research and information on emerging issues and trends impacting the insurance industry in Canada. The CIP Society is proud to support this effort on behalf of its membership and for the benefit of the industry. The publishing of an annual research report has the potential to not only inform and educate our members and stakeholders, but to potentially impact and influence the industry’s response to the issue.

Sharing Economy: Implications for the Insurance Industry in Canada

Sharing Economy 200x200The most recent addition to the series is our report, Sharing Economy: Implications for the Insurance Industry in Canada (available in French in June).

The report looks at not only the opportunities which present themselves when the lines between personal and commercial coverage get blurred, but also at how the emergence of peer-to-peer insurers and insurtech can shake things up for our established insurers. While the industry has not been known for its responsiveness to change, the report supports coming together with other stakeholders to become a part of the transformations taking place around us.

The industry can (and by all accounts must) embrace new technologies, learn to understand changing customer expectations, and introduce new ways of doing things. The report makes recommendations to encourage our industry to monitor and report, identify and assess, and prepare to respond to the challenges of the new sharing economy.

National webinar scheduled for June 14

A national webinar is scheduled for Wednesday, June 14 at 1 pm EDT, and will feature report author, Paul Kovacs, and subject matter experts, Karim Hirji of Intact, and David McGown of IBC, discussing the report findings, as well as changing customer demands, innovation and change in the industry related to the sharing economy. Register today!

The research series

Previously in the series of research reports is Automated Vehicles: Implications for the Insurance Industry in Canada, which provides insight and information regarding liability and road safety issues of automation in vehicles on our roads. Whether you believe society can make the evolution from no feet required, to no hands required, to no eyes required on the road, to no body required in the car, this report provides perspective on the drivers that are advancing automation.

The first report, Cyber Risks: Implications for the Insurance Industry, continues to demonstrate the importance of understanding cyber risks, given the daily headlines reporting on internal and external data breaches and the need for better cyber security awareness and coverage.

The Emerging Issues Research reports are available in English and French, for free, as PDF downloads on the Institute website.