Proposed new business model for ICBC would see premium increases for traffic violations such as speeding

Drivers in B.C. who speed or commit other traffic violations may see their insurance premiums increase if the Insurance Corporation of B.C. (ICBC) receives approval from the regulator for its proposed new ‘Driving Record Model.’The Driving Record Model is among several changes proposed in the B.C. public auto insurer’s 2014 strategy. The proposal will reportedly go before the B.C. Utilities Commission for approval in late Spring or early Fall.Reference to the Driving Record Model is made in Our journey: building the new ICBC, a document outlining ICBC’s 2014 strategy, which calls for “a renewal and re-focusing of the company’s strategic direction.”The document contains no details about how the new model works, but ICBC spokespeople discussed the purpose of the model with regional media. Basically, the driving record model is intended to reflect a more comprehensive risk portrait of a driver’s history than ICBC’s existing model.”The premiums that you pay will be reflective of your risk as a driver on the road,” ICBC spokesman Mark Jan Vrem is quoted as saying in the Vancouver Sun. “If you’re in a number of collisions, or you receive a number of traffic violations, you’re going to be paying more than drivers who don’t.”It will essentially follow the driver’s history. In other words, the policy will be on the driver, as opposed to the car.”ICBC’s proposed restructuring, announced on May 4, also includes a workforce reduction.”For example, we know that as a result of the implementation of new claims systems and processes, the claims division will be reduced by about 350 positions by the end of 2014,” the Our Journey document reads. “This includes about 70 management positions.”The complete document is available at:http://www.icbc.com/csDelPrd/Satellite?c=ICBC_Document_C&cid=1318422312735&pagename=ICBC%2FICBC_Document_C%2Ficbc_DocumentLinkT&proxied=true