CSIO’s Commercial Lines Working Group reaches another milestone by defining requirements to quote multi-operations small business
Toronto, ON (June 24, 2021) – CSIO is pleased to announce the Commercial Lines (CL) Working Group has reached another milestone by defining the requirements to underwrite and rate multi-operations small business. Allowing brokers to submit multi-operations quote requests helps support workflow efficiencies between brokers and insurers, by improving the speed of information exchange, and strengthens the value proposition of the broker channel.
Comprised of representation from 13 insurers, 6 vendors and IBAC, the CL Working Group completed business and technical sessions to define the standard requirements for implementing multi-operations. This will provide brokers with the ability to pass multiple Insurance Bureau of Canada (IBC) codes for the same quote request, extending the scope of what insurers are able to automate in their quoting.
For next steps, insurers and vendors will begin programming the prescribed fields and required data points for multi-operations quoting in their systems. Once this is complete, brokers will be able to receive a single quote for a small business client with multiple operations, through a more streamlined process, reducing the amount of double-entry and freeing up their time to spend on higher value-client activities.
“The Working Group’s success in first streamlining the questions to underwrite and rate three small business segments – contractors, retail and, business and professional services – laid the foundation to move ahead and finalize the requirements for multi-operations small business. These achievements were all made possible by the collaboration between Working Group members to achieve consensus,” says Kathryn Sinclair, VP, Operations & Strategy, CSIO. “Since forming the CL Working Group, the vendors, insurers and broker stakeholders have made significant progress in advancing the implementation of the CL Data Standards in the broker channel.”
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: Centre for Study of Insurance Operations (CSIO), commercial lines, Quote and Bind, small business, working group