FSRA leveraging data, analytics and technology to improve regulatory effectiveness: Call for Members to Join New Technical Advisory Committee for Auto Insurance Data and Analytics Strategy

TORONTO, July 21, 2020 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is looking for members to join its new Technical Advisory Committee for Auto Insurance Data and Analytics Strategy (Advisory Committee). This special purpose committee will provide expert insight to FSRA as we seek to improve regulatory efficiency and effectiveness by using data, analytics and technology.

The new Advisory Committee will also provide expert advice and deliver on outcomes that will help to inform the development and implementation of FSRA's Auto Insurance Data and Analytics Strategy.

Expected Outcomes:

• Advice to inform FSRA's data collection strategy and implementation plan to improve the way auto insurance is regulated in Ontario, in particular, how RegTech can be used for regulatory reporting and integrating data from auto insurance system in an effective and efficient way;
• Advice to inform the future state of data sharing in the auto insurance system to better serve consumers and key enablers (e.g. legal, technology, regulatory enablers); and
• Advice on regulatory implications of governing the use of artificial intelligence (AI) and big data analytics (BDA) in the auto insurance system to protect consumer interest while promoting market innovation.

FSRA is seeking representation from a variety of stakeholders to form the Advisory Committee including, but not limited to, insurance companies and other financial services providers, data aggregators, regulatory reporting agencies, government agencies and regulators, academic and research institutions, and fintech companies, and public/consumer interest representatives.

For more information about the new Advisory Committee please visit: Terms of Reference for Technical Advisory Committee for Auto Insurance Data and Analytics Strategy

If you would like to participate on the Advisory Committees, please make a submission on or before Monday, August 10, 2020 to: [email protected].

Submission Requirements:
FSRA will consider submissions that meets the following criteria:

• Received on or before Monday, August 10, 2020
• Includes the applicant's current resume
• Includes a cover letter describing the applicant's interest in the Advisory Committee and how the applicant's experience aligns with the member qualifications outlined in the Advisory Committee's Terms of Reference

FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members.  Learn more @ fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario

For Media Inquiries: Malon Edwards, Senior Communications Officer, Corporate Communications, Financial Services Regulatory Authority of Ontario, C: 647-296-5479, Email: [email protected]

Related Links

www.fsrao.ca