CSIO’s Commercial Lines Working Group Reaches Another Milestone
Toronto, ON (Mar. 3, 2022) – CSIO is pleased to announce that the Commercial Lines (CL) Working Group has reached another milestone by finalizing requirements to bind Small Commercial Business. This achievement enables information exchange in real-time between broker and insurer systems during the binding process, making it easier for brokers to bind quotes and provide an enhanced customer experience.
In defining and finalizing the bind requirements, the CL Working Group successfully built on one of their major accomplishments from last year: establishing requirements to underwrite and rate multi-operations small business. Brokers now have the ability to pass multiple Insurance Bureau of Canada (IBC) codes under different IBC industry categories in the same single or multi-operations Small Commercial Business bind request. This supports workflow efficiencies by substantially reducing the number of steps needed to bind Small Commercial Business, ultimately strengthening the broker channel’s value proposition.
Insurer and vendor members from the Working Group are now programming the prescribed fields and required data points for Small Commercial Business binding in their systems. Once this is completed, brokers will be able to bind a quote for a Small Commercial Business customer through a more streamlined process, reducing the back and forth with insurers, and freeing up their time to spend on higher-value client activities.
“The Commercial Lines Working Group’s level of commitment and collaboration over the years really emphasizes the industry’s desire for increasingly robust CL Standards,” says Andrea Bucek, Vice President, Distribution at Northbridge Insurance. “Their latest achievement of completing Small Commercial Business bind requirements will further benefit commercial lines brokers, insurers and software vendors for years to come.”
To learn more about how CSIO Commercial Lines Standards can advance broker operations, visit the CSIO website’s Commercial Lines Standard page.
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. For more information, visit www.csio.com.
About Northbridge Insurance
Northbridge Insurance is a leading Canadian commercial insurer. Working with our broker partners, we aim to help businesses of all sizes. We use our in-depth industry expertise to help medium and large businesses operate more safely, so they can worry less and focus on opportunities. We also work to provide small businesses with insurance protection that’s responsive, simple, and flexible. For more information, visit www.northbridgeinsurance.ca.
SOURCE: Centre for Study of Insurance Operations (CSIO)Tags: Centre for Study of Insurance Operations (CSIO), data standard, small business, working group