Aug. 4, 2011 (Toronto, Ontario) – Today, the Insurance Brokers Association of Ontario (IBAO) is applauding the SGI Canada, Mastercom and Zycomp recent initiative which successfully completed a download transaction providing a no-touch inclusion of a declaration (Dec) page attachment. SGI Canada is the first insurer in Canada to support this new technology. IBAO is encouraging other insurance companies to follow suit.
A declaration (Dec) page is a form that describes a person�s insurance coverage that can usually be found as a cover page of their policy. Transmitting these attachments to and from brokerage to the insurance company is a requirement in the Property and Casualty insurance industry; however, the method to which these attachments had been handled in the past was long outdated.
SGI Canada, Mastercom and Zycomp have introduced a technology that allows the Dec page attachments to be seamlessly and electronically transmitted with no broker intervention. A CSIO standard developed for such attachments was released in June 2010.
�This advancement in technology is ground breaking and needs to be adopted as an industry standard by all insurers,� stated IBAO CEO Randy Carroll. �As our insurers look for ways to modernize workflows and cut cost it is imperative that the brokerage workflow is not overlooked and those same savings are bourn by the distribution channel.�
Steve Zylak, President of Zycomp added that �Using the same CSIO standard, Zycomp has also developed the ability to automatically attach a PDF image of the Quote Summary/Quote Detail to the customer file as part of the quoting integration within their system.�
For more information on this new technology visit SGI Canada, Mastercom and Zycomp�s original news release HERE.
The Insurance Brokers Association of Ontario (IBAO) is a ‘not for profit’ association that represents and serves the interests of over 11,400 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org or www.ibao.org/blog to receive timely news and information updates. You can also follow IBAO on Twitter or join the IBAO Facebook Fan Page.