IIBAA CEO Panel II: Industry needs to make auto reform work

The coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a chance to demonstrate the kind of stability legislators are looking for. “We can convince them through excellent execution that they can back away [from further intervention],” says Roger Randall, CEO of Allianz.”We’re comfortable with what we’re seeing, some of this legislation is actually pretty good,” says Bob Fitzgerald, COO of Aviva Canada. Insurers have been supportive of such provisions as the cap on pain and suffering awards.Insurers say the challenge will be rolling out the program within a very tight timeframe. Brokers, they explain, will be key to this. “You are going to bring full value, this is going to be a very turbulent year,” Fitzgerald adds.The more complex the insurance environment, the more the broker distribution chain is able to show its value, speakers agree.