Toronto, ON (Nov. 13, 2019) – CSIO is pleased to announce that the Commercial Lines Working Group has reached another milestone, finalizing a standard set of questions required for underwriting small contractor new business submissions.
This is a significant step in implementing Commercial Lines Data Standards in the broker channel because it allows for frictionless data exchange between insurer and broker systems. This seamless interaction and structured data will enable CSIO members to automate aspects of commercial insurance underwriting while also advancing real-time quote functionalities.
These finalized questions are critical for insurers to determine the appropriate industry group classification required to rate a risk. Once implemented by vendors, a broker can easily provide answers to a standardized set of questions captured in their BMS based on the applicant’s operation. As a result, brokers will be able to approach multiple markets for a quote with the same information, reducing the amount of double-entry and freeing up their time to spend on higher value-client activities.
These questions become a harmonized extension of the minimum data set. The data set, established in November 2018, provides a foundation for carriers to underwrite commercial risks, regardless of complexity and size.
“I’m thrilled that this Working Group has been able to finalize the questions in such a short time,” says Colin Jackman, VP Enterprise Architecture, RSA. “This important milestone was made possible due to major collaboration between Working Group members to achieve consensus. To have these finalized questions now means we are one step closer to providing faster, more accurate quotes to our broker partners who are submitting small contractor business risks.”
Launched in July 2018, the CL Working Group includes participation from insurer, broker and vendor stakeholders with the goal of advancing the implementation of Commercial Lines Data Standards in the broker channel. Building on the successful approach used for small contractor business, the next deliverable of the CL Working Group is to establish standardized underwriting questions to quote small retail and professional services.
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry association of property and casualty insurers, service providers and over 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 My Proof of Insurance, eDocs, 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: Centre for Study of Insurance Operations (CSIO), commercial lines, contracting, small business