December 14, 2020 by CSIO (Centre for Study of Insurance Operations)
TORONTO, ON, DEC. 14, 2020/insPRESS/ – CSIO is pleased to announce that the INNOTECH Billing Working Group has chosen to leverage the existing industry technology infrastructure – CSIOnet and the CSIO eDocs Standard – for its billing notification solution. Utilized by over 2,200 brokerages and all major insurers, their broad industry adoption made these solutions the obvious choice.
CSIOnet is the network for connectivity and data exchange between carriers and brokers in the property and casualty insurance industry. Over 38,000 brokers and 75 insurers connect with CSIOnet daily, and more than 40 million eDocs have been sent in the past year. By leveraging CSIOnet and the eDocs standard, brokers will proactively receive electronic billing notices, as eDocs, in their BMS. Doing so will keep brokers informed, saving them time and money, and improving customer service.
Requirements for the billing solution including defining the most essential billing notifications to send to the BMS were determined by the subject matter experts on the INNOTECH Billing Working Group. The group included representation from a cross-section of brokers, insurers and service providers, as well as the Insurance Brokers Association of Canada (IBAC). With solution requirements and use cases complete, insurers and BMS vendors are now able to implement and begin using the solution.
“Implementing this solution is an exciting step toward improving a customer’s journey within insurance,” says Vicky Todd, Director, Premium Accounting, Northbridge Insurance. “The billing solution will bring significant efficiencies and an overall better experience for our customers.”
“Being armed with information to answer a customer’s questions allows brokers to deliver efficient, informative customer service,” says Nancy Barac, SVP Personal Lines Service & Strategy, NFP. “This solution to have billing information readily available in the broker’s BMS, attaching at the client file, saves brokers invaluable time while also providing a superior level of service that supports a broker’s role of managing their customer’s policy.”
Insurers interested in implementing the solution can visit the INNOTECH website for billing scenarios and to learn more.
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About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, service providers and over 38,000 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, My Proof of Insurance eDelivery, and eSignatures. In addition, CSIO operates CSIOnet, a secure, industry-owned platform for the efficient exchange of policy information for the broker channel. The CSIO XML Standard is licensed to CSIO by ACORD (Association for Cooperative Operations Research and Development).
CSIO maintains offices in Toronto and Montreal. For more information, visit www.csio.com.
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About Northbridge Insurance
Northbridge Insurance is a leading Canadian commercial insurer. Working with our trusted broker partners, we use our in-depth industry expertise to create solutions that help businesses of all sizes operate more safely, so that they can worry less about their risks and focus on their opportunities. Visit us at www.nbins.com to learn more.
NFP is a leading insurance broker and consultant providing specialized business and personal insurance, group benefits, retirement and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 750 employees based in Canada, more than 5,700 employees globally, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 5th largest benefits broker by global revenue (Business Insurance), 10th largest property and casualty agency (Insurance Journal) and 12th largest global insurance broker (Best’s Review).