CSIO’s INNOTECH Working Group Achieves First Major Milestone of 2022
Toronto, ON (June 2, 2022) – CSIO is pleased to announce that the Innovation and Emerging Technology (INNOTECH) Advisory Committee and Application Programming Interface (API) Working Group have finalized business requirements for creating a quote. This represents the team’s first major achievement since the Insurance Brokers Association of Canada (IBAC) joined forces with INNOTECH earlier this year and integrated the IBAC Data Exchange (DX) initiative into CSIO’s 2022 API roadmap.
The Working Group successfully built on the foundation created in 2021 when they defined the policy inquiry business requirements for four lines of business: personal automobile and habitational insurance, individually rated commercial automobile (IRCA) and commercial general liability (CGL). The Group has now completed business requirements for three more use cases for these lines of business: a broker creating a quote, submitting the quote to the insurer and receiving the rated quote from the insurer. As a next step, the Technical Working Group will use the requirements to create the API Standards using Java Script Object Notation (JSON), that once finalized will be published on the CSIO website, as part of the Standards. Insurers and vendors can program the Standards to enhance the quoting process with their broker partners, as these Standards enable large amounts of information to move faster between insurer systems and broker management systems (BMS).
With the business requirements for creating a quote completed, the API Working Group will focus on the next chapter of their 2022 roadmap: finalizing bind requirements and adding more policy use cases.
“Representation from all stakeholder groups in P&C insurance is crucial to our success as brokers. Knowledgeable IBAC representatives teaming up with talented insurer and vendor members has helped the INNOTECH API Working Group produce even more impressive results,” said Aly Kanji, President & Chief Executive Officer of InsureLine Brokers Inc., and INNOTECH Committee member. “Having APIs that can be consumed by brokers, insurers and software vendors alike will move the insurance industry forward and produce benefits that will position the industry for mutual success for years to come.”
To learn more about the INNOTECH Advisory Committee, its Working Groups and their initiatives, visit the CSIO website’s INNOTECH 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.
SOURCE: Centre for Study of Insurance Operations (CSIO)Tags: API, Centre for Study of Insurance Operations (CSIO), commercial lines, data standard, industry first, information security, working group