Toronto, ON (Nov. 9, 2018) – In May 2017, the Toronto Insurance Council (TIC) published a white paper, Commercial Technology Integration: It’s time to cut the costs out, focusing on the insurance industry’s unnecessarily inefficient and costly communications processes, and the innate wastefulness of proprietary arrangements.
Subsequent discussion with industry leaders challenged the TIC to help address this issue, and the TIC resolved to contribute to the actual implementation of solutions. The TIC strongly believed that deploying real-time data integration, using the IBAC endorsed Data Exchange (D/X) principals, is inherently the most cost-effective means to transfer data at the lowest cost. By following the long-established IBAC D/X principles, all parties in a transaction use the common language of CSIO standards, the cost of intermediate translations are avoided, and there are fewer critical points at which communication can fail.
Wishing to capitalize on the momentum of other D/X compliant implementations, the TIC launched a proof-of-concept project for First Notice of Loss (FNOL), to be executed within participants’ own test environments. The participants included: AIG Insurance Company of Canada, Travelers Canada, Royal & Sun Alliance Insurance Company of Canada (RSA), SGI CANADA, Keal Technology and Custom Software Solutions Inc. (CSSI). The Centre for Study of Insurance Operations (CSIO) agreed to lend their expert resources, and the Insurance Brokers Association of Canada (IBAC) also participated as an observer.
The specific project objective was defined as follows: To demonstrate the viability of real-time integration between an insurer technology platform and a Broker Management System platform, using the information comprising a First Notice of Loss notification and confirmation, following the nationally-endorsed IBAC D/X principles.
“Everyone involved in this D/X FNOL project considers the effort to be an unqualified success,” said D/X Initiative Chair Brenda Rose. “The objectives were met and the groundwork has now been laid for further development, both for the general application of D/X and for the claims process specifically.”
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.
Source: Toronto Insurance Council (TIC)Tags: Custom Software Solutions Inc. (CSSI), data exchange, Data Exchange (D/X) Initiative, Keal Technology, Toronto Insurance Council (TIC)