Toronto, ON (Apr. 29, 2022) – On Thursday, April 28, CSIO hosted industry partners from across Canada at its virtual 2022 Annual General Meeting. The event highlighted all the ways CSIO helped ensure the Property and Casualty (P&C) broker channel continued advancing amid the marketplace’s rapid digitization by evolving its proven Standards and technology solutions to the next level.
The significance of reflecting on last year’s achievements was emphasized by CSIO’s Board Chairman, Cam Loeppky, as he remarked “everything we achieved couldn’t have been brought to fruition without collaboration. The brokers, insurers and software vendor members on our Committees and Working Groups were all instrumental to our successes and will be integral to our future accomplishments.”
Catherine Smola, President and CEO of CSIO spoke about marking CSIO’s 40th anniversary in 2021 and attributed the organization’s longevity to two main factors: innovation through standards and collaboration.
Smola applauded the tremendous effort made last year by the Innovation and Emerging Technology (INNOTECH) Committee and its Working Groups.
“The Advisory Committee reached consensus on three common industry pain points followed by the Working Groups who quickly moved on to develop both the business and technical requirements to launch three digital solutions designed to improve operational efficiency and enhanced customer experiences in the broker channel,” said Catherine Smola.
The first two solutions, Billing and Claims eDoc notifications, were built leveraging existing infrastructure already in place and used by more than 2,200 brokerages and all major insurers, namely CSIOnet and the CSIO eDocs Standard. The third solution involved prioritizing the development of Application Programming Interface (API) Standards and defining policy inquiry business requirements for personal automobile and habitational insurance; Individually Rated Commercial Auto (IRCA); and Commercial General Liability (CGL). The Working Groups also published the first set of API Standards in the P&C Industry in Java Script Object Notation or JSON. JSON allows large amounts of information to move between systems faster than it is able to do with legacy standards.
The efforts of the Commercial Lines (CL) Working Group were also spotlighted as they completed quote and bind requirements for three underserved commercial segments: contractors, retailers, business and professional services. The CL Working Group’s other major milestone in 2021 was defining requirements for multi-operations small business quote and bind.
Furthermore, Smola was pleased to acknowledge the My Proof of Insurance (MPOI) solution’s continued success, largely driven by brokers and insurers increasingly using MPOI to send various policy documents, not just proof of auto insurance. As a result, 161% more documents were sent digitally using MPOI in 2021 vs. 2020. Almost 900 brokerages have adopted the solution and 46 insurers use MPOI as their preferred eDelivery platform, a year-over-year rise of 14%.
Lastly, Catherine Smola praised the achievements of CSIO’s Professional Development Program, saying “We added 10 new online courses and hosted an additional 10 webinars. A record 1,400 new registrants enrolled in the program, many of them completed six courses to earn CSIO’s Digital Member Designation.”
For more 2021 highlights, check out CSIO’s 2021 Annual Report.
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.
SOURCE: Centre for Study of Insurance Operations (CSIO)Tags: Centre for Study of Insurance Operations (CSIO)