P&C Industry Recognizes the Value of Standards

Data standards play an essential role in helping the broker channel meet the expectations of today’s consumer. Two recent news articles highlight this fact, with prominent insurance carrier executives emphasizing the importance of standards in improving the ease of doing business within our industry:

“The only way the industry is going to be successful is if we get to a common standard. If we all went off and did our own thing, we’d make the job of brokers incredibly difficult and complex. Our strategy has been partnering with CSIO and working toward developing industry-standard APIs and making sure we’re actively involved in doing that.” - Martin Thompson, President & CEO of RSA Canada

Insurers and Brokers Need Clearly Defined Roles: IBAO 2017, Canadian Insurance Top Broker

[Tom] Reid [Executive Director of Digital Broker Strategy at Aviva Canada] says part of the problem is that insurance carriers have been less successful at imposing industry-wide standards than their counterparts in the banking sector, and supports moves to increase the implementation of the standards developed by CSIO.

- Blazing Trails, Canadian Insurance Top Broker

CSIO is working with members to increase use of the standards for the benefit of all members - particularly through its initiative to minimize the use of Z-codes. To learn more about this project, read the recent Canadian Underwriter article Standardizing Codes.