Toronto, ON (July 12, 2019) – The CSIO Commercial Lines (CL) Working Group continues to make advancements toward the widespread implementation of CL data standards in the broker channel. Made up of insurers, vendors and IBAC, the Working Group’s goal is to create a starting point where brokers can send CL policy information to an insurer directly from their BMS and receive a quote. Thanks to the dedication of the working group participants, significant progress is being made toward the achievement of this goal.
Policy Works Makes Strides Toward Real-Time Quoting in CL
The CSIO CL Working Group has leveraged the commercial lines expertise of Policy Works, who played an important role in validating the required elements within the CL data standards mapping documentation. This documentation is critical as it provides stakeholders the groundwork to successfully program commercial lines standards within their systems.
With support from insurers, Policy Works has proven itself a leader in demonstrating the functionality of receiving a commercial lines quote in real-time, directly within their software. Real-time quoting is made possible by the CL data standards. The proof of concept was completed with a major insurer and may be unveiled to the industry in the not too distant future. Being able to generate a real-time small business quote with minimal friction is new to the broker channel.
Benefits of Real-Time Quoting
For brokers who use Policy Works, the potential benefits of this seamless interaction include a faster, more efficient quoting process for placing new business. Without the need to leave their CMS, brokers will free up time to spend on higher value-added activities, resulting in improved customer service and faster turnaround times.
Personal lines have benefitted from data standards for years now, the time has come for those benefits to be realized in commercial insurance. While the CSIO XML Data Standards have been available for some time, by standardizing commercial insurance across the industry, key processes will begin to be automated, such as the quote and bind process, resulting in higher productivity for both the insurer and brokers.
As more and more stakeholders implement CL data standards, the industry and the consumer will be able to truly realize the benefits of wide-spread adoption.
Industry Collaboration Key to Realizing CL Workflow Improvements
Bringing together insurers, vendors and brokers, CSIO Working Groups are essential for industry solutions like the CL Minimum Data Set as it allows for collaboration among key stakeholders. Combining efforts in this manner helps to accelerate development time and reduce long-term maintenance costs for systems, while providing faster and easier updates to the standards over time.
“Getting a consensus of insurers is a monumental, but necessary task to enable real-time quoting for small business risks,” said Kevin Campbell, CEO, Policy Works. “Again, this is something no vendor can accomplish by themselves because they don’t have the mandate. CSIO does and they used it very effectively to get 12 insurers to contribute to and agree on what elements would be in the Minimum Data Set. And they did it in record time.”
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry association of property and casualty insurers, software providers and more than 38,000 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 the industry-owned 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 (CSIO)Tags: Brokers, Centre for Study of Insurance Operations (CSIO), commercial lines, data standard, Policy Works, Real-Time