Montreal, QC (Oct. 5, 2018) – The Toronto Insurance Council (TIC) recently hosted an event to celebrate the launch of the Data Exchange (D/X) Initiative; a memorable moment for the Canadian Property and Casualty Industry. Vertafore and its Canadian-focused solution, Keal Technology, were one of the few Broker Management System (BMS) vendors involved early on in this project, demonstrating their commitment towards industry initiatives such as this and their continued commitment to the Canadian Broker community.
The purpose of the event was to demonstrate how D/X principles are used to achieve real-time data integration between insurer technology platforms and BMS platforms, such as SIG, at an accelerated pace. Keal has a long history of not only supporting IBAC and the electronic data connectivity principles, but also bringing those principles to light, as demonstrated in the recent Guidewire BMS accelerator project in 2016-17. Videos of the First Notice of Loss Proof of Concept (POC) were shown to demonstrate how using the D/X model can save brokers and insurers resources and hours of manual work. The D/X initiative brings along many advantages which include:
- Avoiding potential errors and saving time and resources by eliminating duplicate manual processes.
- Improving customer experience by offering real-time data in a variety of formats.
- Real-time distribution of data allowing for more efficient communication between all parties in the ecosystem.
- Removing “middleware” — intermediate translators or data translation layers — that add a step and can make the process of data integration more costly and challenging.
Many members of the insurance industry collaborated on this initiative. The TIC offered project management and insight into brokerage workflows. According to Bill Redford, Vice P resident of Product Development at Keal, “Keal was one of the two BMS providers – along with CSSI – to showcase their flexible interoperability within their BMS systems.” AIG Insurance Company of Canada, Royal & Sun Alliance Insurance Company of Canada (RSA) and SGI CANADA exhibited the same flexibility using various claims technology platforms. Lastly, data standards usage was validated by the Centre for Study of Insurance Operations (CSIO).
The Insurance Brokers Association of Canada (IBAC) announced the IBAC Data Exchange Action Plan earlier in 2018 and a decision has been made to implement D/X Working Groups as part of the plan this fall. The purpose of this initiative is to recognize what areas of data connectivity to focus on, what data elements need to be shared and focus on the improvement of communication components within the industry. CSIO is also defining and developing a Canadian insurance ‘Repository for connectivity’ as a necessary next step in the D/X process to aid in momentum. This initiative is proof that the insurance industry is moving at a quicker pace than ever before and that the future is now.
About the Toronto Insurance Council
Since 1918, the TIC has actively promoted the common interests of large commercially focused insurance brokers with offices in the Greater Toronto Area. For more information, visit www.ticbrokers.ca.
About Vertafore & Keal Technology
Vertafore’s comprehensive insurance management software solutions allow brokers and carriers to adapt to the evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. Our platform features fast innovation, partnerships with the best technology companies and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, we connect every point of the distribution channel, from agencies and carriers to MGAs, MGUs and state governments. For more information about Vertafore, visit www.vertafore.com.
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. Keal offers an integrated suite of products designed to increase revenue through efficient use of technology. In 2016, Vertafore acquired Keal Technology, a leading provider of broker and commercial management systems in Canada. For more information, visit www.keal.com.
Source: Keal TechnologyTags: Broker Management System, data exchange, Data Exchange (D/X) Initiative, Keal, Toronto Insurance Council (TIC), Vertafore