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Data exchange : the brokers will have standards that are consistent with business insurance

by

Hubert Roy

November 30, 2018 11:30

The arrival of the edocs has greatly facilitated the life insurance brokers for individuals, so that they could exchange data with insurers in a same computer language. The insurance companies will have the same benefits in the coming months.

The Centre for study of insurance operations (CSIO) announced on November 22. A submission process is faster, the elimination of double entry of data and business processes that are more fluid are the promises that accompany this new development of the CSIO, whose mission is precisely to improve the lot of brokers in the field of technology.

“These improvements will remove friction in the workflow brokers. Brokers will be able to spend more time on value-added activities, such as building relationships with their customers, ” said Michael Spiar, spokesman for the CSIO, FlashFinance.ca.

Working committee

To achieve this breakthrough, a working committee consisting of twelve insurers and brokers working in theinsurance brokers Association of Canada (IBAC) reviewed the process required by insurance companies last July. His goal : find a minimum set of data that would allow everyone to communicate together, ranging from the broker management system (BMS) at the portal of an insurer. The major principles have been found to ensure success. Over the next few months, work will continue to finalize everything.

The CSIO will be able to then oversee its implementation, as it has done for edocs. The organization is currently working on the preparation of a program of certification standards by insurance companies, which will define the implementation requirements, in the industry, which allow easy data exchange policies between brokers and insurers. The certification shall ratify the insurers and the suppliers of BMS that meet these requirements, which will facilitate compliance with standards in the entire network of brokers.

The minimum set of data that is intended to have in hand the CSIO consists of the common data elements used by the insurers to ensure business risks, regardless of their complexity. The whole has been put in correspondence with the standards of the XML data. “It will serve as the basis for the introduction of systems of insurers and providers, which will reduce the complexity and cost of programming efforts across the network of brokers,” says the CSIO.

The insurers that participated in the process

• AIG

• Aviva Canada

• Economical

• Gore Mutual

• Heartland Farm Mutual

• Intact Insurance

• Northbridge

• RSA Canada

• Saskatchewan Mutual Insurance

• SGI Canada

• Travelers Canada

• Wawanesa

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