18 July 2019 09:30
Photo : Freepik
A broker can issue a quote in real-time will it be possible soon ? The Centre for the study of the practice of insurance operations (CSIO) believes that the answer is yes.
A working group designed specifically for this market has been put in place in order to standardize the data standards in the insurance business in the brokerage. Consists of insurers, suppliers, and representatives of theinsurance brokers Association of Canada (IBAC), the working group has the objective to create a starting point where the brokers can send data on insurance policies to businesses directly with an insurer from their broker management system (BMS) and receive a quote.
A supplier at the forefront
The company Policy Works, which markets the broker management system of the same name specifically for insurance companies, valid at the moment of the required elements in the documentation of mapping of data standards in the insurance business. This information is necessary because it provides the basics of programming consistent standards of insurance undertakings in the various systems used by brokers and insurers.
This makes it so that the dream of the broker to issue a quote in real time in the insurance business could soon become a reality. A demonstration of the feasibility was performed with an insurer, whose name has not been unveiled. The CSIO said that he hoped that the solution could be revealed to the industry ” in the fairly near future “.