(Toronto – August 20, 2018) The Centre for Study of Insurance Operations (CSIO) is pleased to welcome American International Group (AIG), Economical Insurance, Heartland Farm Mutual and SGI Canada to its national working group to advance the implementation of commercial lines data standards. These additions bring the number of participating carriers to 11, plus broker representation through the Insurance Brokers Association of Canada (IBAC).
To help guide the industry in shaping what the implementation of commercial lines standards will look like, CSIO commissioned the Conference Board of Canada to conduct extensive industry consultation. The final report recommended taking a phased approach. The first phase is the working group, whose goal is to define the minimum data elements common to all commercial risks.
CSIO XML data standards for commercial lines are up-to-date and are ready to be programmed. The working group’s minimum data set would serve as a starting point to implement the standards in carrier and vendor systems, reducing future development time, investment and effort industry-wide.
“We see the benefits of data standards in personal lines every day – reduced double entry, less paperwork, faster quotes, and improved customer service,” says Kim Opheim, Broker Technology & Innovation at IBAC. “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.”
The working group’s kick-off meeting in July was a success, with many elements of the minimum data set identified and agreed upon. Following consensus on the data set, future phases will involve broader consultation with carriers, brokers and vendors to develop a common roadmap for implementation.
“The addition of four more carriers to this working group indicates a strong desire in the broker channel to realize the benefits of data standards in commercial lines,” says Catherine Smola, President and CEO of CSIO. “This working group sends a strong message that our industry recognizes the value of collaborating to develop workflows that both improve the ease of doing business and strengthen the broker channel’s competitive position.”
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, software providers and over 36,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, My Proof of Insurance eDelivery, and eSignatures. In addition, CSIO operates CSIOnet, a secure, industry-owned platform for the efficient exchange of policy information for the broker channel. CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
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