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Suppliers of BMS support the data exchange model of the ACTA

by

Andrea Lubeck

14 January 2019 11:30

Theinsurance brokers Association of Canada (IBAC) has received the support of providers of broker management systems (BMS) and commercial management system (CMS) for its data exchange model. The organization aims to “address the issues of connectivity between insurers and network brokers” by offering these data sharing principles ” as the optimal strategy “.

“For connectivity solutions in real-time can be offered to the brokers, it is essential that all stakeholders are on the same wavelength, says Peter Braid, executive director of ACTA. The official support from our software vendors we will help to coordinate efforts and to strengthen the confidence of the sector in respect of our data sharing principles and the feasibility of the proposed data services are reusable. “

Data Services reusable

The data exchange model of ACTA is based on a so-called reusable data services. It is the development and implementation of common application programming interfaces (API). These will have to be compliant with the standards of the Centre for study of insurance operations (CSIO) and will be stored in a library.

Once developed, a service is paid for in the library, ” says ACTA. This will enable the suppliers of BMS and CMS, in addition to insurers, ” to develop and deploy more quickly a broad set of tools for multiple platforms and disparate “.

ACTA specifies that the operations “first notice of loss” will be the first to be included as reusable services, as a study of the Toronto Insurance Council has demonstrated the feasibility. In 2019, the association has the objective of creating four to six reusable services. Once the goal is achieved, it will form small groups to replicate the process and build on lessons learned during the creation of the first six services for others to build on.

Agreement on a joint declaration

At a forum semi-annual organized last October by the ACTA to the intent of technology providers, representatives of these companies agreed on a joint declaration, the Declaration of the partners, formalizing their commitment to support the strategy of the ACTA.

Among the clauses of the declaration, the suppliers have in particular voted in favour of the development and use of a new library of reusable services and use of standards of CSIO and the new library of reusable services, such as mode of implementation is ideal for the data exchange model of the ACTA. In addition, the suppliers of BMS and CMS and the insurers are committed to supply the library of reusable services.

“We are pleased to be able to count on the collaboration of providers of broker management systems and business management and their commitment to working with brokers across Canada in the development of solutions of connectivity, real-time solutions that allow us to meet the expectations of consumers and to eliminate costs and unnecessary inefficiencies in the network brokerage,” adds Gina McFetridge, president of the committee responsible for technology within the ACTA. The development and implementation of the model based on the reusable services based on this commitment. “

A new working group sees the light of day

A new working group, led by Kim Ophein, consultant in technology and innovation, sees the light of day so that the next phase of the project begins. ACTA said that he will have the mandate to ” implement the concept of Services of re-usable data “.

The group will meet for the first time on 29 January in Toronto. ACTA invites representatives of the insurance companies, providers of BMS and other community stakeholders to participate in the work.

Multiplication of solutions

If the lack of connectivity between insurers, BMS and brokers is a known problem of the insurance industry in canada of damage, the solutions are not lacking. Various initiatives saw the light of day.

In addition to the one suggested by ACTA, theinsurance brokers Association of Ontario (IBAO) is also working on its own solution for the exchange of data (Brokerflow), which has also received the endorsement of the suppliers of BMS. At a meeting held at the end of may 2018, representatives of nearly 20 insurers, providers, BMS, technology providers involved in the connectivity with brokers and consumers agreed on the solution.

BrokerFlow wants to be a centralized platform for the exchange and translation of data in order to enable brokers and insurers to connect to the capabilities of existing data. According to the IBAO, the platform will enable real-time transactions. At this time, Mr. Braid stated that the ACTA would offer its support to the IBAO in the realization of this project.

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