TORONTO, ON, FEBRUARY 7, 2022/insPRESS/ – CSIO is pleased to announce that its Innovation and Emerging Technology (INNOTECH) Advisory Committee has finalized its 2022 API development roadmap. It contains use cases that were prioritized based on input from Committee members, including the Insurance Brokers Association of Canada (IBAC) broker representatives. The roadmap has the full support of both CSIO’s and IBAC’s Board of Directors.
Previously, the INNOTECH Advisory Committee shortlisted API standardization as one of three industry issues to focus on, as it will reduce the friction of data exchange among brokers, insurers and vendors. With insurer and vendor members structuring their data in an agreed upon format, faster and more efficient transaction times will advance digital experiences for brokers and their clients. With API Standards implemented, brokers will benefit by starting and ending their transactions in their broker management system (BMS), and will also have accurate, up-to-date (real-time) data with which to support their customers.
“It’s great to see the progress being made with API Standardization. We are entering an era in which brokers and insurers are on the same page and are prioritizing the 2022 API use case list together. The best way to shape the future for the broker channel is to work jointly with insurers to improve efficiencies,” states Jeff Roy, President and Chief Executive Officer at Excalibur Insurance Group and INNOTECH Committee Member (IBAC representative).
Last year, INNOTECH API Working Groups (Business Requirements and Technical) made significant progress in API industry standardization, by defining business requirements for personal auto and property insurance, individually rated commercial automobile (IRCA), and commercial general liability (CGL) policy inquiry. Personal insurance policy inquiry API Standards, using JSON (Java Script Object Notation), were published in December 2021, and the IRCA and CGL policy inquiry API Standards are to be published shortly.
With the INNOTECH Advisory Committee establishing the 2022 API roadmap, the Working Groups can move forward with defining business requirements, developing schemas and publishing the JSON API Standards for use cases on the list, which includes quote/bind, policy amendments and cancellation.
“Collaborating to prioritize this year’s use cases brings the industry further along in addressing workflow pain points and improving data connectivity between insurers and brokers,” said Brian Warkentin, Director of Solution Architecture and Technology at CSIO and INNOTECH Committee Member. “Advancing digital experiences, for brokers and their customers, by moving information faster and having policy data available in real-time makes the entire insurance experience better for valued customers and industry partners.”
To learn more about the INNOTECH initiatives, Advisory Committee and Working Groups, visit the INNOTECH webpage.
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry 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 My Proof of Insurance, eDocs, and eSignatures. In addition, CSIO operates the industry-owned mail network service, CSIOnet. For more information, visit csio.com.
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