August 9, 2018 by Staff
The Toronto Insurance Council (TIC) unveiled a proof-of-concept demonstration of its “D/X Initiative” at an industry event in Toronto earlier this month.
The demo showed first notices of loss being entered into BMS systems and submitted to carriers, as well as real-time responses from insurer systems with claims numbers assigned.
The process allows for real-time data-sharing between brokers and insurers, without the need to manually input data more than once. It is based on established CSIO data standards and does not use any “middleware” such as data translation layers between BMS and carrier systems.
The demonstration attracted 78 attendees, including brokers, insurers, MGAs and BMS technology providers.
“This is a testament to the level of interest and excitement there is in the industry around solving the problem of data integration,” TIC president Rael Levy said in a news release.
BMS providers Custom Software Solutions Inc. (CSSI) and Keal Technology collaborated with Travelers Canada, AIG Canada, RSA Canada and SGI Canada on the project. TIC provided support, project management and insight into brokerage workflows.
Next, IBAC plans to create D/X working groups this fall that will decide which areas of data connectivity need to be addressed first, in addition to confirming which critical data elements need to be shared.
Canadian Insurance Top Broker is now on Facebook (facebook.com/TopBrokerMag) as well as LinkedIn (linkedin.com/company/citopbroker) and Twitter (twitter.com/CITopBroker). Follow us for easy access to the top P&C news you need to know.
This story was originally published by Canadian Insurance Top Broker.