Toronto, ON (Dec. 10, 2019) – CSIO has received overwhelming support from the Canadian Association of Mutual Insurance Companies (CAMIC) for the recent advancements made by the Commercial Lines (CL) Working Group. Recognizing the importance of CL Data Standards, many mutual members have prioritized the implementation of these standards in order to support the automation and digitization of underwriting and rating processes.
CSIO Data Standards are well-established in personal lines, resulting in streamlined workflows and less friction in the broker channel. The CL Working Group was formed in July 2018 to help commercial lines realize the same benefits. Participants include broad stakeholder representation from CSIO insurer, broker and vendor members. Gore Mutual, Heartland Mutual and Wawanesa Insurance are among the CAMIC members who participate in the Working Group.
In the short time since launching, the CL Working Group has finalized the minimum data set common to all commercial risks, regardless of size or complexity, and established a standard set of questions for industry codes required in underwriting small contractor business. CSIO has met with CAMIC members to discuss how vendors and insurers have demonstrated real-time functionalities for quoting using the data standards.
“CAMIC members are very excited about the work that’s been completed to date,” says Normand Lafrenière, President of CAMIC. “The improved quoting process for small contractor business is a significant step towards modernizing the industry and keeping mutuals competitive. I look forward to the continued development of commercial lines data standardization and having this line of business become more automated.”
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.
For more information, please visit CSIO.com/CLdatastandards.
About Canadian Association of Mutual Insurance Companies (CAMIC)
The Canadian Association of Mutual Insurance Companies (CAMIC) is a voluntary national trade association for property and casualty mutual insurers in Canada. CAMIC empowers its member-owned insurance companies through national advocacy, education, services and the promotion of the value of mutuality.
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology 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 eDocs, My Proof of Insurance eDelivery, and eSignatures. In addition, CSIO operates CSIOnet, a secure, industry-owned platform for the efficient exchange of policy information for the broker channel. The CSIO XML Standard is licensed to CSIO by ACORD (Association for Cooperative Operations Research and Development). CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
SOURCE: Centre for Study of Insurance Operations (CSIO)Tags: CAMIC, Centre for Study of Insurance Operations (CSIO), commercial lines, data standard