Toronto, ON (Feb. 12, 2018) – The Toronto Insurance Conference (TIC) is proud to announce that Travelers Canada has joined the partnership to demonstrate real-time integration directly between Insurer and broker platforms using the Data Exchange Model (D/X).
“Travelers Canada is committed to supporting brokers in their efforts to enhance efficiencies and deliver superior customer service,” said Heather Masterson, President and CEO of Travelers Canada. “This initiative is an important step to help advance the industry’s use of data and analytics, and we are pleased to be part of the program.”
This proof-of-concept announced in January, entitled The D/X Initiative, focuses on communicating claims information for both commercial and personal lines clients. It follows the nationally-endorsed IBAC Data Exchange principles, which use established industry data standards and no surplus middleware or data translation layer.
The D/X principles are essential to deriving maximum time, accuracy and cost saving advantages from already-existing technology, for the benefit of all industry stakeholders including insurers, brokers, and most importantly, customers.
What does Data Exchange mean?
- Real-time round trips: Point-to-point communications that start from a broker’s system, generating an immediate response, also recorded in the BMS.
- No duplicate entry: Data moves between brokers and insurers without additional manual inputting or direction.
- Standards: All communications are in standard CSIO XML formats, so no extra intermediate translation layers or gateways are necessary.
- Security: Senders are identified and authentication is based on the brokerage system identity.
- Flexibility: Any kind of information can be exchanged, including policy transactions, claims, and status inquiries for both personal and commercial lines.
With support and project management from the TIC, and cooperation from the Centre for Study of Insurance Operations (CSIO), this proof-of-concept has now connected two BMS vendors; Keal Technology, and Custom Software Solutions Inc. (CSSI), with three insurers, Royal & Sun Alliance Insurance Company of Canada (RSA), AIG Insurance Company of Canada and now Travelers Canada.
“Travelers Canada joining this collaboration means that we will have yet another opportunity to demonstrate flexible interoperability using different claim technology platforms,” said The D/X Initiative Chair, Brenda Rose. “We are thrilled to have them on board.”
More detail about The D/X Initiative can be found at www.ticonf.com.
About the TIC
The TIC actively promotes the common interests of large commercially-focused insurance brokers with offices in the Greater Toronto Area. Visit us at www.ticonf.com.
RSA is a leading Canadian general insurer, distributing the broadest range of Home, Auto, Business, Marine and Travel Insurance products. Visit us at www.rsagroup.ca.
AIG Insurance Company of Canada offers innovative products, a strong balance sheet and the global breadth to help clients to pursue their goals with stability and success. Visit us at www.aig.ca.
About Travelers Canada
Travelers Canada is part of The Travelers Companies, Inc. (NYSE: TRV), a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion U.S. in 2017. For more information, visit www.travelerscanada.ca.
About Keal Technology
Keal Technology is the expert in Canadian broker innovation and a leader in the BMS (Broker Management Systems) and CMS (Commercial Management Systems) marketplace for insurance and financial services brokers. They offer an integrated suite of products designed to increase revenue through efficient use of technology. In 2016, Vertafore, the leader in modern insurance technology, acquired Keal Technology, a leading provider of broker and commercial management systems in Canada. For more information, visit www.keal.com.
Custom Software Solutions Inc. (CSSI) delivers unique, effective, and profitable automation solutions that meet the needs of Insurance Brokers, Companies, and MGAs.
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, software providers and over 36,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, eDelivery, and eSignatures. In addition, CSIO operates CSIOnet, a secure, industry-owned platform for the efficient exchange of policy information for the broker channel. CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
Source: Centre for Study of Insurance Operations (CSIO)Tags: AIG, Centre for Study of Insurance Operations (CSIO), Custom Software Solutions Inc. (CSSI), Keal Technology, RSA, Toronto Insurance Conference, Travelers