Commercial lines are evolving: The broker channel is moving forward with widespread implementation of commercial lines data standards. This development promises many broker benefits, including speeding up the process of quoting, underwriting, and servicing commercial policies.
CSIO has set the stage for more efficient workflow in commercial lines for insurers and brokers. In 2018, we formed a working group that included participants from IBAC, insurers and vendors across Canada to produce the commercial lines minimum data set: the underwriting data elements common to all commercial risks.
The minimum data set is a long-awaited development, and one that required intensive collaboration, due to the complexity of commercial risks.
We’ll continue to build on this first step, as we move toward implementation of the data set and Certification for Commercial Lines Data Standards.
- Faster quoting
- Minimized double-entry
- Cleaner data quality
- Improved eDocs workflow
Success by the Numbers
- 36 underwriting data risk attributes
- 20 industry organizations participate in working groups
- 94% of brokers support the move towards industry-wide implementation of data standards in commercial lines
- 91% of brokers are more likely to do business with insurers that use commercial lines data standards
December 2018: New Data Standards for Commercial Insurance
September 2018: Path to Commercial Data Standards
What Does the Industry Have to Say?
“Although brokers use data standards and transfer in personal lines transactions, that capability just doesn’t exist in commercial lines right now. Even if a broker takes the time to load detailed underwriting and coverage information into a commercial management system, without standards it really isn’t useable in communicating with carriers.”
– Andrew Janzen, President of Janzen Insurance in Surrey and Chair of IBABC’s Technology Committee
“This working group is a fantastic example of what our industry can achieve when we work together and collaborate. Data standards will allow us to digitize a number of commercial insurance transactions in the future. The progress we made in a few months has the potential to benefit the entire broker channel for years to come.”
–Brian Warkentin, Assistant Vice-President at Aviva Canada
“We see the benefits of data standards in personal lines every day – reduced double-entry, less paperwork, faster quotes, and improved customer service. In arriving at a minimum data set with the participation of so many diverse carriers, we are one step closer to transforming commercial lines workflow in a similar way for the broker channel in Canada.”
–Kim Opheim, Broker Technology and Innovation Consultant at IBAC