January 5, 2012
The Centre for Study of Insurance Operations (CSIO) has reviewed and approved electronic messages submitted by two insurers–Aviva Canada and Intact Insurance–as sample automated responses to policy change requests from Broker Management Systems (BMS).
“We congratulate Aviva and Intact on their success,” said Dan Danyluk, CEO of IBAC. “We thank them for this demonstration of their commitment to supporting brokers. Developing this automation respects brokers’ business needs, reduces costs for all stakeholders, and enables brokers to better serve consumers.”
The focus of IBAC’s Data Exchange Project is the development of concurrent communication between broker and insurer systems, within guidelines articulated by IBAC. It aims at automating the policy change process where each year the industry spends millions of dollars on unnecessarily duplicated work.
Phase III will bring the BMS vendors back into the electronic loop. Participating organizations–including Keal Systems, Custom Software Solutions, Power Broker, PolicyWorks, Cim-Data and Applied Systems–will work together with the pioneering insurers to pilot a virtual round trip transaction from broker to insurer system and back again.
“We expect the principles behind this project will ultimately become the standard manner by which brokers and insurers will transact business, and will do so effectively and cost-efficiently,” added Danyluk.
This story was originally published by Canadian Insurance Top Broker.