By Guy Parent, CPA, CGA, General Manager, RCCAQ 

On April 23-24, I attended Insurance Telematics Canada 2015, where I gave a presentation entitled "Sticking to Insurance Fundamentals with UBI".

A number of interesting ideas were put forward concerning telematics, including market share, the short-term outlook and consumers' response. Here are some of the main highlights:

• Canadians are concerned about protecting their data and about the impact this data could have on their insurance premiums.
• According to the AMF, less than 3% of Quebecers have made the switch to telematics.
• The insurer-supported business model clearly does not meet consumers' needs; instead, it primarily supports insurers' needs (i.e. gathering data on policyholders).
• This model will have to shift in the direction of value-added services. In effect, consumers should be able to control their own data.

For further information on our position in this regard and other telematics-related initiatives we are undertaking, please refer to our list of key issues.