April 19, 2014 8:07 AM ET

Insurance

Company Overview of Insurance Corporation of British Columbia

Company Overview

Insurance Corporation of British Columbia provides universal auto insurance to motorists in British Columbia, Canada. It also provides non-insurance services, such as driver licensing, vehicle registration and licensing, violation ticket administration, government fines collection, road safety information, and claim services. The company was founded in 1973 and is headquartered in North Vancouver, Canada.

151 West Esplanade

North Vancouver, BC V7M 3H9

Canada

Founded in 1973

Phone:

604-661-2800

Key Executives for Insurance Corporation of British Columbia

Chief Executive Officer and President
Chief Financial Officer
Chief Operating Officer
Senior Vice President of Corporate Affairs
Senior Vice President of Claims
Compensation as of Fiscal Year 2013.

Insurance Corporation of British Columbia Key Developments

Insurance Corporation of British Columbia Appoints Mark Blucher as President and CEO

Insurance Corporation of British Columbia board of directors has announced the permanent appointment of Mark Blucher as president and CEO effective immediately. He has held the position of interim president and CEO since October 2012. Blucher is responsible for providing overall leadership and strategic direction to help provide high quality service and the best insurance coverage at the lowest possible price to British Columbians. He also works closely with the Board of Directors and management to implement ICBC’s business plan with a focus on controlling costs and being financially stable. His previous position at ICBC was Senior Vice President of Insurance, a position he held since joining ICBC in 2010. Paul Taylor’s term as chair of the board has also been extended until January 17, 2017.

Insurance Corporation of British Columbia Cuts Management Staff and Eliminates 250 Jobs; Announces Executive Changes; Reaches Tentative Contract with Union Members

Insurance Corporation of British Columbia will eliminate of 250 jobs the majority of them management positions in a restructuring of its staff. The cuts have resulted in a reduced executive team. Five members of the executive have left and two executive positions have been eliminated. Four non-executive vice-president roles have also been cut. The company reductions go beyond the recommendations from the government review of ICBC earlier this year and bring staffing below 2008 levels. The audit of ICBC found senior management numbers ballooned almost 41% from 2007 to 2011, while union staff positions dropped 1%. In response, ICBC CEO Jon Schubert announced his resignation. ICBC's executive is now comprised of the following individuals: Mark Blucher, interim president and CEO, Steve Crombie, vice President, communications and marketing, Sheila Eddin, vice president, transformation, Kellee Irwin, vice president, insurance and driver licensing (acting), Brian Jarvis, vice president, claims (acting), Kathy Parslow, vice president, corporate services, Andy Platten, chief information officer, Len Posyniak, vice president, human resources and Geri Prior, chief financial officer. The company reached a tentative contract with union members who've been conducting job action for a month to demand higher wages. The four-year deal involves ICBC employees who are members of the Canadian Office and Professional Employees Union local 378 (COPE 378), including claims adjusters who deal with motorists involved in traffic accidents. The agreement will provide a 4% wage increase and is retroactive to March 31, 2010. The ratification votes will start next week. As a result of the deal, ICBC strike action will stop on Sunday.

Insurance Corporation of British Columbia Announces Resignation of Jon Schubert as President; to Cut Up to 195 Positions

The president of Insurance Corporation of British Columbia has announced his resignation after a scathing government audit raised concerns about excessive compensation for managers. Jon Schubert told staff he was leaving while a news conference at which ICBC accepted the recommendations of the audit and announced a series of austerity measures. Mr. Schubert, who took on the executive job in 2008, will leave his office on Nov. 15, 2012 but continue as an adviser of dealing with the recommendations through to next June 30, remaining on payroll until then. The company a series of austerity measures. They include: cutting up to 195 positions, most of them management; imposing a hiring freeze; freezing compensation for all executives; and holding back 20% of executive salaries unless they meet specific targets.

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