KAMLOOPS — The minister responsible for ICBC says a report compiled by Price Waterhouse Cooper outlining efficiencies could save the crown corporation up to $80 million.
David Eby was at Thompson Rivers University for the third time, talking to law students about access to justice issues around the province. Eby also discussed ICBC with the students. Friday, Eby's government rolled out the operational study by Price Waterhouse Cooper that look into efficiencies of the insurance corporation.
"The review that is looking at the business of ICBC to ensure efficiencies," said Eby. "That report has identified somewhere in the neighbourhood of $60-80 million in savings once all the recommendations are in place. We're hopeful pieces like that are going to get us in the right direction."
The study involved talking with front-line workers, not just managers. Eby says part of the report includes looking into efficiencies as to how claims are being handled among other things.
"The report found some quite technical fixes that ICBC can do in terms of dealing with vendors such as autobody repair vendors and internal processes within the corporation," noted Eby. "It's just one piece of the many different initiatives we're going to have to roll out. Feels strange to say that $60-80 million is not enough, but it's just a fraction of what we're going to have to find to get ICBC back on track to control car insurance rates in British Columbia."
Eby has said that ICBC is set to lose $1.3 billion dollars at the end of the fiscal year.
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