The Proof is in The Digital Wallet

An industry-wide solution for electronic delivery of insurance policy documents, including proof of auto insurance insurance (eSlips), has arrived in Canada.

The Centre for Study of Insurance Operations (CSIO) in February launched My Proof of Insurance, an industry solution enabling eDelivery of insurance documents for personal and commercial lines — including pr oof of auto insurance — to consumers. Developed in collaboration with carriers and brokers across Canada, the solution provides a convenient, standardized method for insurance providers to send digital insurance documents to consumers.

Michael Spiar, Broker Relations & Communications Specialist, Centre for Study of Insurance Operations (CSIO)

“With the insurance industry under intense pressure to meet consumer expectations for a digital experience, there’s just no competitive advantage in each company developing or purchasing its own solution to do the same thing,” says John Elliott, senior vice president of IT and chief information officer at RSA Canada and CSIO board member. “In the case of digital document delivery, it made sense to collaborate on a unified solution.”

My Proof of Insurance was developed with carrier and broker requirements in mind, ensuring that it meets their business needs while providing consumers with a simple, convenient digital experience.

Early in the development process, the project team leading the My Proof of Insurance initiative examined market data from Forrester Research to find out how consumers would prefer to receive their policy documents. Canadians prefer simple processes for managing insurance documents, the data showed, with no apps on their phone, no passwords, and no logins. In fact, fewer than 4% of Canadians have downloaded an insurance app. Conversely, use of mobile digital wallets is rising dramatically.

For these reasons, My Proof of Insurance uses technology that Canadian consumers already use in everyday life — policy documents arrive by email, and eSlips can be saved to mobile digital wallets on consumers’ smartphones.

Read the full article in the Digital Edition of the March 2018 Canadian Underwriter.

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Michael Spiar, Broker Relations & Communications Specialist, Centre for Study of Insurance Operations (CSIO)