Board of Directors green-lights INNOTECH Committee’s proposed solutions to address industry pain points
Toronto, ON (July 6, 2020) – CSIO is pleased to announce that its Board of Directors have green-lighted three digital solutions proposed by the INNOTECH Advisory Committee and Working Groups. During the September 15 meeting, the Board of Directors were presented with three business cases for proposed solutions that were collaboratively researched by Committee and Working Group members. The approved solutions will improve the claims and billing customer journeys and standardize APIs. This is a significant milestone for the INNOTECH Committee on its one-year anniversary.
The INNOTECH Committee was conceived to gain broad-based representation from industry partners and discuss, analyze, research and propose digital and tech-based solutions that would solve common industry pain points. Meeting throughout the past year, the Committee and Working Groups conducted extensive research to ensure that each suggested solution chosen would have a high likelihood of success and provide broad benefits to the industry and end consumers. The research included business and use cases to test how the solution would positively impact business processes.
The next steps to implement the solutions are as follows:
- Billing and Claims: Leveraging CSIOnet and the eDoc standard, the solution will now move to a proof of concept phase by insurer and vendor participants.
- API Standardization: The Working Group will move to a proof of concept with an approved use case.
“Having critical processes digitized and automated within the claims, billing and underwriting journeys will make a significant, positive impact for brokers and the customer experience. Eliminating manual work allows for greater productivity and efficiency for brokers, requiring less time contacting insurer partners and more time focusing on the customer,” says Catherine Smola, CEO and President of CSIO. “I commend the INNOTECH Committee and Working Groups for all they have achieved in this first year, especially over the last several months which have been challenging, and look forward to the implementation phase ahead.”
For more information, please visit the new INNOTECH Advisory Committee webpage which highlights our Committee members and Working Group participants as well as provides additional details related to each industry pain point and corresponding solution.
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: API, Centre for Study of Insurance Operations (CSIO)