ANNUAL 2021-2024 Strategic Plan - General Insurance Statistical ...
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2021-2024
Strategic Plan
ANNUAL
General Insurance Statistical Agency
2021-2024 Strategic Plan
25 Sheppard Avenue West, Suite 100
Toronto, ON M2N 6S6
Tel: (416) 590-7526
Fax: (416) 590-7070
Email: gisa@fsrao.ca
For an electronic copy of this report, please visit:
www.gisa.ca/home
Ce rapport annuel est également disponible en français
Pour une copie électronique de ce rapport, veuillez visiter: www.gisa.ca/accueil
TABLE OF CONTENTS
MESSAGE FROM THE CHAIR 2
GISA 3
GISA MEMBER JURISDIC TIONS 4
OPER ATING ENVIRONMENT 5
GUIDING PRINCIPLES 6
GOALS 7
STR ATEGIC PRIORITIES 7
Visit GISA’s website at www.gisa.ca for detailed information on GISA’s business, objectives, governance structure,
Board and Committee responsibilities and publications.
General Insurance Statistical Agency 2021-2024 Strategic Plan
MESSAGE FROM THE CHAIR
In developing the Plan, GISA benefitted from a Board-driven
exercise in summer 2020 that engaged regulator, rate board and
industry representatives to assess GISA’s current operational
delivery and identify desired future-state strategic outcomes.
The process included a focus on exploring opportunities to
modernize GISA’s service delivery infrastructure to enhance data
collection, analysis and reporting systems in order to enhance
system sustainability and scalability.
On behalf of the Board of Developing this Strategic Plan at a time of considerable
uncertainty brought about by the COVID-19 pandemic added a
Directors, I am pleased to present
new lens as we considered our upcoming priorities. While the
the Strategic Plan for the General impacts of pandemic are not yet fully understood, we remain
Insurance Statistical Agency (GISA) committed to working collaboratively with regulators, rate
for the period April 1, 2021 to boards and industry to enhance the collection and reporting
of accurate, timely and relevant statistical data. We will do this
March 31, 2024.
while concentrating on responding to the diverse needs of our
stakeholders, adapting data elements to a changing operating
environment, and continuing to ensue ongoing data quality.
Recognizing 2021 as GISA’s 15th anniversary, we are confident
that we will benefit from the experience gained and relationships
built over the past years as we begin to implement this new
Strategic Plan.
Laurie Balfour, MBA, CPA, CMA
GISA Chair
2 General Insurance Statistical Agency 2021-2024 Strategic Plan
GENER AL INSUR ANCE STATISTIC AL AGENC Y
Background
GISA was incorporated as a not-for-profit GISA was established to improve the
corporation in June 2005 and appointed, governance, accountability, and oversight,
effective April 1, 2006, as the statistical agent as well as the reliability and objectivity,
for insurance regulators in the participating of insurance statistical data in Member
Member jurisdictions. jurisdictions.
MANDATE
GISA’s mandate is to collect, and make available timely statistical information to support a healthy,
accessible and responsive marketplace for property and casualty insurance..
MISSION VISION
GISA’s mission is to provide effective oversight GISA’s vision is to be an efficient, effective and
of the statistical information and related respected statistical agency.
insurance data, and to ensure that timely,
reliable and accurate information is efficiently
produced.
VALUES
Accuracy Collaboration Efficiency
Responsiveness Transparency
General Insurance Statistical Agency 2021-2024 Strategic Plan 3
GISA MEMBER JURISDIC TIONS
Alberta New Brunswick Northwest Territories
Newfoundland & Nova Scotia Nunavut
Labrador
Ontario Prince Edward Island Yukon
4 General Insurance Statistical Agency 2021-2024 Strategic Plan
OPER ATING ENVIRONMENT
GISA operates in an ever-evolving operating environment where agility and innovative approaches
are required for the organization to achieve its mandate. Looking forward, the following trends will
shape and even define GISA’s work over the next three years:
Regulatory Trends
Rapidly evolving business models (such as the sharing economy) and technology advancements
(such as artificial intelligence and big data analytics) are disrupting the financial services industry.
Regulators are moving to more adaptive and risk-based regulation, enabled by data. GISA
monitors these trends to ensure the data provided remains relevant in the market. The trends
affecting regulators include:
» » Artificial intelligence
» » Big data analytics
» » Machine learning
» » Sharing economy
» » Autonomous vehicles
Automobile Insurance Trends
Enabled by technology, the automobile insurance sector is evolving and innovating in areas
of pricing, underwriting and claims management. Key implications for automobile insurance
regulators include:
» » Increasing need for new data models and sources to serve changing business models and
coverages (e.g., usage-based insurance, autonomous vehicles);
» » Rapid rise in available data from external sources to enhance pricing, underwriting, and
claims capabilities (e.g., Original Equipment Manufacturers); and
» » Interpretation and validation of complex machine learning and predictive models used for
pricing.
Data Analytics Trends
There are a number of data analytics trends influencing GISA over the coming years. These
include X analytics, augmented data management and in-context data stories. GISA is considering
how best to respond to these trends while considering how they can be leveraged for its own
operations.
General Insurance Statistical Agency 2021-2024 Strategic Plan 5
GUIDING PRINCIPLES
In summer 2020, GISA’s Board led a strategic review exercise to evaluate priorities and direction for
the next three to five years. During this exercise, GISA established five guiding principles to frame
the strategic priorities outlined in this Plan:
ADAPTABILITY
Embed flexibility and agility to better respond to the changing needs of
regulators and industry stakeholders.
INDUSTRY COLLABORATION
Enable mechanisms for engaging with stakeholders to forge stronger
relationships and strengthen the value proposition of GISA.
INNOVATION
Challenge processes and ways of thinking to innovate and meet the evolving
needs of stakeholders.
DATA EFFICIENCY
Ensure data elements collected and used are relevant, insightful and cost
effective to collect.
TIMELY INSIGHTS
Look outward for awareness of emerging trends and issues.
6 General Insurance Statistical Agency 2021-2024 Strategic Plan
GOALS
GISA’s goals for this planning cycle include:
1. Enhanced stakeholder engagement and continuous improvement capabilities.
» » Soliciting and incorporating feedback, along with assessing market trends to
prioritize improvements to the products and data GISA provides.
2. Improved data governance, management and reporting.
» » Seizing opportunities to modernize data collection and reporting to respond to the
needs of stakeholders.
3. Concluding a competitive procurement for the next statistical service provider contract.
» » Working collaboratively with all service providers to enhance GISA’s value and
offerings to stakeholders.
STR ATEGIC PRIORITIES
In order to achieve its goals, GISA will focus on the following strategic priorities over the next three
years:
1. Enhancing data quality and reliability while ensuring operational efficiency and
effectiveness.
2. Enhancing regulator and insurer capacity to monitor and analyze markets through
improved, more timely access to data.
3. Increasing adaptability and relevancy of the Statistical Plans to better accommodate
regulator and insurer priorities.
4. Enabling mechanisms for engaging insurers and regulators through information-sharing
and education to forge stronger relationships and strengthen the value-proposition of
GISA.
The initiatives to support these priorities are included in GISA’s internal annual operational
planning. Progress against these priorities are reported to the Board regularly.
General Insurance Statistical Agency 2021-2024 Strategic Plan 7
General Insurance Statistical Agency
25 Sheppard Avenue West, Suite 100
Toronto, ON M2N 6S6
Tel: (416) 590-7526
Fax: (416) 590-7070
Email: gisa@fsrao.ca
Ce rapport annuel est également disponible en français
www.airb.alberta.ca
Pour une copie électronique de ce rapport, veuillez visiter: www.gisa.ca/accueilYou can also read
