Advancing real-time data exchange and IBAC DX Connect

A 2021 ICTA nomination

Toronto, ON (Apr. 21, 2021) – The pandemic has reinforced the need for, and our dependency on, electronic systems to facilitate all of the processes that enable the internet-based economy. The need for insurers to accelerate efforts to build real-time capabilities to move data between their systems and the broker distribution system has never been more important. Wawanesa has taken a leadership role in not only building the API’s that support the industry but also in sharing them with CSIO member insurers and vendors. Moving data efficiently and on demand reduces costs for insures and brokers alike while raising customer satisfaction with the advice and service they receive, providing it when they want it and how they want it.

To date Wawanesa has added ten API’s to the CSIO Reusable Data Services Repository that improve User Experience for brokers and their customers. It is the fundamental promise of an insurance company, to pay claims fairly and in a timely fashion. The First Notice of Loss (FNOL) is the critical initial step that starts the claims process. The real-time API ensures timely and accurate data is provided to the insurer while sending a claim id back to the broker.

Newly built Billing Inquiry, Policy Inquiry, and eDocs API’s helps the broker to service their clients with a single interaction reducing the time required to answer a question or service request and provide the necessary documentation. The Policy Cancellation API likewise reduces frustration for an insured and reduces the time required to respond to the request.

Risk Appetite, Quote and New Business API’s introduce new efficiencies to the sales process. It is a well-known fact that the first to quote often wins the business. These real-time tools go a long way to leveling the playing field with direct-writers.

Lastly the Required Fields and Policy Update List API’s help to ensure that the right data is collected reducing processing errors and lowering cost for all involved.

Wawanesa has committed to adding even more API’s to the CSIO RDS Repository in 2021 and beyond.

Benefits

API’s are the key to the full digitization of the broker distribution channel. End-to-end, real-time bidirectional delivery of underwriting and service data is required to drive up efficiency and drive down cost in the channel. Reduced operational cost is returned to the consumer in the form of lower premiums. The efficiencies gained improve the user experience for front-line staff and the customers whom they serve.

Widespread adoption of API’s within the industry will help achieve critical mass. Wawanesa sharing of the API’s that they developed with other CSIO member insurers and vendors shortens development time and reduces their cost. To date, Wawanesa has engaged 14 partners who have started to leverage its suite of API’s. This adoption has resulted in Wawanesa processing nearly 2 million API requests on a monthly basis.

About Wawanesa

The Wawanesa Mutual Insurance Company, founded in 1896, is one of the largest Canadian Property and Casualty Mutual insurers, with $3.9 billion in annual revenue and assets of $10.5 billion. Wawanesa Mutual, with executive offices in Winnipeg, is the parent company of Wawanesa General, which offers property and casualty insurance in California and Oregon; Wawanesa Life, which provides life insurance products and services throughout Canada; and Western Financial Group, which distributes personal and business insurance across Western Canada. With more than 5,700 employees, Wawanesa proudly serves more than two million policyholders in Canada and the United States. Wawanesa actively gives back to organizations that strengthen communities where it operates, donating well above internationally recognized benchmarks for excellence in corporate philanthropy. For more information, please visit www.wawanesa.com.

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.

About the Insurance Brokers Association of Canada (IBAC)

Representing over 38,000 insurance brokers across Canada, the Insurance Brokers Association of Canada (IBAC) is the national voice of Property & Casualty (P&C) insurance brokers and an advocate for insurance consumers. IBAC represents the interests of both insurance brokers and their customers to the Government of Canada. Learn more at www.ibac.ca.

SOURCE: Wawanesa