Toronto, ON (Jan. 18, 2014) – The Centre for Study of Insurance Operations (CSIO) is pleased to announce the release of a telematics data standard for the P&C insurance industry. The standard allows for the transmission of telematics information between multiple business partners, enabling data quality and consistency across the industry.
Telematics devices record and transmit information about driver behavior. By recording factors such as where, when, and how often vehicles are driven, insurers can develop specific insurance programs and pricing to more accurately reflect driver behaviour. This information can offer the consumer many benefits, including discounts and potentially safer roads.
“A key benefit of this standard is that it will allow telematics data to be easily and uniformly transferable between companies,” says Catherine Smola, President & CEO of CSIO. “This translates into considerable cost and efficiency savings for the industry.”
Visit www.csio.com/telematics to learn more about CSIO and the telematics standard.
About Centre for Study of Insurance Operations
CSIO is Canada’s national standards association of property and casualty insurers, brokers and software providers. For over thirty years, CSIO has been committed to improving the efficiency and competitive position of the broker distribution channel by overseeing the development, implementation and maintenance of industry standards in the areas of XML, EDI and forms. In addition, CSIO continues to maintain and operate the industry-owned EDI mail network service, CSIOnet. CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
SOURCE: Centre for Study of Insurance Operations