Industry discusses data connectivity at IBAO strategy meeting

The Insurance Brokers Association of Ontario (IBAO) hosted a strategy meeting on industry-wide data connectivity in Toronto last week.

“This is a pivotal time in our industry,” IBAO chair Traci Boland said in a news release. “In order for us to reduce the risk of outside competition, tangible progress on digital consumer service capability through the broker network must be made—now.”

IBAO has been developing an industry solution for data connectivity that would utilize a centralized data translation service that allows insurers and brokers to connect using their existing data capabilities, enabling real-time transactions.

“In order to service modern customers in the manner they choose, we need to evolve our digital capability as an industry,” said IBAO CEO Colin Simpson. “We’re trying to create critical mass to do just that.”

The strategy meeting was attended by representatives from the Insurance Brokers Association of Canada (IBAC), CSIO and 18 insurers, as well as BMS and third-party technology vendors. IBAO will now be forming a project team to determine the scope and viability of its BrokerFlow solution.

“Gaining this industry‐wide support is a key step in obtaining critical mass in data connectivity,” Simpson said. “It will directly enhance the ability for brokers to deliver meaningful digital service to their clients through existing technology.”

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This story was originally published by Canadian Insurance Top Broker.