November 22, 2018 by CSIO (Centre for Study of Insurance Operations)
TORONTO, ON, Nov. 22, 2018/insPRESS/ – The minimum data set for CSIO XML standards in commercial lines has been finalized, paving the way for implementation of commercial data standards in the broker channel. The data set is the outcome of CSIO’s commercial lines working group, formed in July, which includes participation from carrier, broker and vendor stakeholders.
The minimum data set consists of the common data elements used by carriers to underwrite commercial risks, regardless of complexity. The set has been mapped to the XML data standards and will serve as the foundation for implementation in carrier and vendor systems, reducing the complexity and cost of programming effort across the broker channel.
Potential benefits of implementation for brokers include faster quotes, reduced double-entry, download of basic commercial policy data, and streamlined eDocs workflow. CSIO is working closely with broker management system (BMS) vendors to support their programming efforts.
“This is a transformational development for the broker channel,” says Brian Warkentin, Assistant Vice President at Aviva. “We’ve already witnessed the benefits of data standards in personal lines: We are on the cusp of bringing the same benefits to commercial brokers, underwriters, and ultimately the consumer. I am proud of our role in the industry collaboration that brought us to this stage and will continue to support the expansion of standards in the future.”
CSIO is working with members to develop a certification program for commercial standards, defining industry requirements for implementation that support the seamless exchange of policy data between brokers and carriers. Certification will recognize carriers and BMS vendors that meet those requirements, promoting and encouraging compliance with the standards throughout the broker channel.
“The progress made on commercial lines standards in just a few months truly demonstrates the value of collaboration in our industry,” says Catherine Smola, President and CEO of CSIO. “This minimum data set promises to substantial improvements to commercial lines workflow, and we look forward to continuing this important work in partnership with our members.”
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About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry association of property and casualty insurers, software providers and over 36,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, eDelivery and eSignatures. In addition, CSIO operates the industry-owned mail network service, CSIOnet. CSIO maintains offices in Toronto and Montreal. For more information, visit csio.com.
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