11 July 2018 11:30
The Centre for study of insurance operations (CSIO) aspires to advance the implementation of standards, standardized transmission of data to insurance companies with the creation of a working group on this issue.
The agency has commissioned the Conference Board of Canada to hold a consultation with industry players in the middle of a study group comprised of brokers, telephone interviews with executives of insurers and providers, in addition to a survey of 130 brokers.
The committee includes representatives ofAviva Canada, Gore Mutual, Intact Insurance, Northbridge Insurance, RSA Canada, Travelers Canada, Wawanesa and theinsurance brokers Association of Canada, in particular. It will “define the data elements minimum common to all business risks that can serve as the starting point for all insurers and providers to reduce the design period, the investments and efforts across the industry,” says the CSIO.
Need the support of the industry
The results of a survey by the Conference Board of Canada found that 91 % of brokers are more inclined to work with insurers who have set the standards of the CSIO in the application.
“Because of the complexity of the business risks and the investment required to be the first on the market, the industry in general should support the process and ensure a wide adoption among insurers, providers, and brokers,” says the CSIO.
Already in place in individual insurance
The CSIO has put in place standards of the same type in personal insurance, including eDocs and eDelivery, which enables the digital transmission of documents, such as proof of car insurance, to brokers and to policyholders.
“This working group is the first concrete step towards a radical transformation of the workflow in insurance companies to the brokers’ network, supports Catherine Smola, president and ceo of CSIO. We look forward to working with you on this initiative to support our industry by implementing a set of minimum data which will serve as the roadmap for future development in insurance companies. “