June 8, 2018 11:30
Photo : Freepik
Theinsurance brokers Association of Ontario (IBAO) has agreed with industry representatives and providers on a solution for the exchange of data, at a meeting held at the end of may.
Were present at the forum of representatives of the IBAO, 18 insurers, all of the firms practice management software to broker-dealers and technology vendors involved in the digital connectivity between brokers and consumers.
“To succeed in having the support of the industry scale is a key step in obtaining a critical mass in the connectivity of the data, points out Colin Simpson, president and ceo of the IBAO. This will directly improve the ability of brokers to provide a digital service that is meaningful to their clients because of the existing technology.
A centralized platform
Named BrokerFlow, the centralized platform will allow the exchange and translation of data so that brokers and insurers to be able to connect to the capabilities of existing data. This will facilitate transactions in real-time, supports the IBAO.
The IBAO claims to have worked on the plan of the platform in the last year, having consulted with the insurers, technology providers, and stakeholders in the industry.
A committee to study the viability
The association of ontario indicates that the next step is to form a committee composed of industry stakeholders to review the scope and viability of the solution BrokerFlow.
Peter Braid, president and chief executive officer of theinsurance brokers Association of Canada (IBAC), said his association épaulerait the IBAO in his steps.
It has not been possible to find out if the solution might apply to other provinces, or when the platform will be available to brokers. The IBAO and IBAC have not responded to interview requests from the Journal of the insurance.