Industry meeting presents next steps for industry solution that reduces paper forms to save customers, advisors and insurance companies both time and money
TORONTO. June 22, 2010 – What has been happening since CLIEDIS held the Executive Summit in January 2010? That is what attendees at CLIEDIS’ eleventh annual seminar, Bridge to the Future, were interested in hearing about. Over one hundred members of the life insurance industry from across Canada, and even some from the US, came together to find out the latest news.
At the Executive Summit in January, industry delegates discussed the potential benefits of moving to an eData model for the collection and exchange of data. It was clearly apparent from the discussions that the value proposition was there with real savings for all industry business partners. After the summit, a Bridge Group, made up of industry representatives, was formed to develop a proposal for the industry for continuing the investigation of the “New Business eData Collection and Transmission Standards.” The Bridge Group was tasked with providing the industry clear direction and a structure for effectively addressing all aspects of the eData investigation project. The work took a few months to allow all Bridge Group members to provide input and attend meetings, while fitting this into their busy schedules.
The eData Investigation Project proposal was presented at CLIEDIS’ 11th annual seminar, Bridge to the Future. Attendees were eager to hear what the group was proposing and how their companies could get involved. Scott Sinclair and Jamie McGeachin, Co-chairs for the Bridge Group, provided an update on the work done to date and presented the proposal for how companies commit to finding an industry solution for straight through processing. All industry partners (carriers, distributors, service and system providers, insurers and other interest parties) who participate will be asked for a financial and human resource contribution. Once the industry has committed to the project, participants will investigate the alternatives and present a recommendation to the industry. Subcommittee volunteers will work together to develop a solution recommendation(s) for the industry, including a financial model to support the solution, a governance model and an implementation model. The solution will ensure that the industry’s current fragmented approach to data capture and exchange is turned around. The benefits of an industry eData solution would enable the industry to reverse the costs of fragmentation: long cycle times, high processing costs, recruiting barriers, to name a few.
Over the next four weeks, members of the Bridge Group will be contacting industry decision makers to get their commitment to participating in this next phase of the eData project. Companies getting involved early will have the benefit of being able to shape and contribute to an industry solution and enjoy preferred pricing over those who choose the “wait and see” approach.
Terri DiFlorio, President of HUB Financial Inc, expressed the view of distributors “I sincerely believe that the eData project is one of the most important initiatives that our industry has embarked on in a very long time and with the proposed structure, it really has a great chance at success. Every carrier is pursuing this in isolation and it simple will not work that way. They will not get support from their distribution. Carriers, distributors and vendors working together to get this done is the right way, actually the only way and we must make it happen. And if we can get the right participants around the table, it will work.”
CLIEDIS is a not-for-profit organization dedicated to common standards and conventions that enhance the efficiency of the Canadian life insurance industry to the benefit of carriers, distributors, associations and business partners. The organization supports this mission through training, development and industry advocacy activities. www.cliedis.ca.