“Pushing” electronic copies of policies to broker partners so
they don’t have to “pull” them one by one from Economical’s portal
WATERLOO, ON, June 6, 2012 � In support of efforts by the Insurance Brokers Association of Ontario to drive real cost efficiencies for brokers, Economical Insurance announced today that it is committed to implementing in 2012 the new CSIO XML standard for the transmission of electronic documents in broker downloads.
This is yet another step Economical is taking towards seamless integration with broker management systems that enhance efficiencies at brokerages and in the broker distribution channel.
Rick Orr, president of the IBAO, said: “It’s amazing to witness the efficiencies that we can drive into the broker channel when brokers, insurers and broker management systems all work together. We congratulate Economical not just on their commitment to eDoc but their commitment to the independent broker. The cost savings, workflow efficiencies and environmental impact will all be significant.”
Once fully implemented, Economical will “push” electronic copies of policies to its broker partners. These electronic copies can then be easily processed by the broker so they become attachments to the broker’s client files.
The upside for brokers is that they will no longer have to “pull” electronic copies of policies one by one from Economical’s portal into their BMS.
“Economical Insurance is pleased to support the CSIO eDoc standard which aligns perfectly with our philosophy of integrating our workflow into that of our broker partners,” said David Crozier, Economical’s senior vice-president of operations. “The leadership demonstrated by IBAO in bringing this concept to life benefits consumers, brokers and insurers alike.”
About The Economical Insurance Group
Founded in 1871, The Economical Insurance Group is one of Canada’s largest property and casualty insurers, with $1.7 billion in premiums and $4.6 billion in assets. Based in Waterloo, this Canadian-owned and operated group services the insurance needs of more than one million customers through 19 branches and service offices across the country. In 2010, Economical announced its decision to become the first federally-regulated mutual property and casualty insurance company to demutualize. Economical is currently reviewing strategic options and will submit a comprehensive demutualization proposal for mutual policyholder approval after the federal government’s development of regulations and regulatory approval. www.teig.com
The Economical Insurance Group’s member companies include: Economical Mutual Insurance Company (including Western General Farm Division), Waterloo Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, Federation