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Commercial-Lines Data Standards to Streamline Workflow and Map Future Development

July 12, 2018   (0 Comments)
The Centre for Study of Insurance Operations (CSIO) announced a national working group to advance the implementation of commercial-lines data standards in the broker channel. As has already been proven in personal-lines, CSIO XML data standards drive efficient workflow between brokers and carriers, improve the speed of information exchange, and strengthen the value proposition for our industry.

CSIO commissioned the Conference Board of Canada to conduct extensive industry consultation through a broker focus group, phone interviews with carrier executives and vendors, and a survey of 130 brokerages. The study found that 91% of brokers said they are more likely to work with carriers who have implemented standards.

Commercial-lines standards will allow for faster and more efficient information exchange, reducing errors and double entry. However, the complexity of commercial risks and the investment required to be the first in market require broad industry support and widespread adoption among carriers, vendors, and brokers.

In response to these issues, CSIO launched a working group comprised of carrier and broker representatives including Aviva Canada, Gore Mutual, Intact Insurance, Northbridge Insurance, RSA Canada, Travelers Canada, Wawanesa Insurance, and Insurance Brokers Association of Canada (IBAC). The group aims to define the minimum data elements common to all commercial risks that can be used as a starting point for all carriers and vendors, reducing future development time, investment, and effort industry-wide.

“This working group is the first concrete step towards a dramatic transformation of commercial-lines workflow for the broker channel,” said Catherine Smola, president and CEO of CSIO. “We look forward to collaborating on this initiative to support our industry by implementing a minimum data set that will serve as a roadmap for future commercial-lines development.”

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