General Insurance Ombudsman urged to boost governance, accessibility – independent review

An independent review found GIO to be compliant with all seven of its prescribed guidelines:

Independence
Accessibility
Scope of services
Fairness
Methods and remedies
Accountability and transparency
Third party evaluation

Recommendations for improvement

The review noted improvements on the GIO’s enterprise risk management (ERM) framework, in response to recommendations made during the 2017 evaluation. It praised the GIO for expanding its assessment of significant risks as well as incorporating appropriate risk mitigation strategies.

However, it recommended that GIO continuously improve the ERM framework given the “ongoing evolution of best-in-class practices.”

“We would recommend that the bboard of directors, with the advice of the executive director, adopt a risk appetite statement and appropriate risk tolerance targets which would provide an ongoing assessment of the progress achieved in GIO’s strategic objectives,” the evaluators said.

The review also recommended that the ombudsman enhance its “skills matrix” to ensure the board continued to have a diverse set of skills for adequate governance.

In terms of accessibility, evaluators said that GIO should provider wider support for consumers with special needs and those whose first language was neither English nor French.

It also urged the ombudsman to work closely with regulatory bodies on its data sharing policy and continuously gather feedback on consumer interactions.

GIO has said it would comply with these recommendations. It recently fully redesigned its website, launched a new natural disaster portal, and introduced a quarterly newsletter to keep consumers updated regularly.

Impartial ombudservice

April Schulze, GIO executive director, hailed the results of the independent evaluation and said it “demonstrates that GIO is successful in implementing its mandate.”

GIO was established in 2002 to provide independent dispute resolution services for consumers. Its services are free of charge and available in English and French. It deals with issues involving claims, interpretation of policy coverage, and policy processing and handling.

Every five years, its board of directors appoints an independent third-party evaluator to conduct a review of its governance and operations. This year marks GIO’s fourth independent evaluation.

“We are so proud that over 56,000 Canadians have entrusted us with understanding their insurance concerns over the last 20 years and are thrilled to find our independent evaluation recognizes the work we’ve being doing to support the insurance industry,” said Schulze.

“GIO is committed to constant improvement for Canadian consumers. We are always open to feedback to ensure we are providing accessible and timely services.”

With the increase in unpredictable and extreme weather events and complex insurance claims, the availability of an independent and impartial ombudservice in the home, auto, and business insurance space continues to be a vital service for Canadians, according to GIO.

Do you have any thoughts about what the GIO needs to improve its services? Let us know in the comments below.