We are pleased to announce a national working group including Aviva Canada, Economical Insurance, Gore Mutual, Intact Insurance, Northbridge Insurance, RSA Canada, Travelers Canada, Wawanesa Insurance, and the Insurance Brokers Association of Canada (IBAC) to advance the implementation of commercial lines data standards. Standards are widely adopted in personal lines, and there is broad industry consensus that adoption in commercial lines as well would have many benefits for the industry.
Since we first announced the working group on July 10, we have received very positive feedback from broker, carrier and vendor members, and we are pleased to share more details on the project as well as future phases.
In 2017, CSIO commissioned the Conference Board of Canadato study commercial lines data standards and report on the best way for our industry to move forward in this important area. The Conference Board conducted extensive consultation through a broker focus group, phone interviews with carrier executives and vendors, and a survey of 130 brokerages. One of the key takeaways from the report was that due to the complexity of commercial lines, implementation should be a collaborative effort that takes place in stages.
The first stage is the recently announced national working group where carriers, IBAC and CSIO will work to define the common data elements that all carriers require to underwrite every commercial risk, regardless of complexity. This minimum data set is not a comprehensive application to underwrite all risks, but rather a clear and defined starting point for the implementation of commercial lines standards in carrier and vendor systems.
The participation of eight carriers of varying size across Canada, as well as a national broker presence through IBAC is key. A minimum data set that meets the needs of this diverse group is likely to so for other carriers as well, providing benefits to our industry as a whole.
Future stages will involve sharing the minimum data set with vendors and brokers and continuing to collaborate on the development of a roadmap for industry-wide adoption of CL data standards. CSIO will provide regular updates on this important initiative as it progresses.
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