December 15, 2021 by CSIO (Centre for Study of Insurance Operations)
In determining industry pain points to prioritize, the INNOTECH Advisory Committee shortlisted three issues, one being to standardize APIs to address a gap that exits in real-time data exchange between brokers’ and insurers’ systems. Today, information isn’t readily available in a broker’s broker management system (BMS). Brokers must deal with different processes across insurers, and access client policy information via an insurer’s portal, or call the insurer. This takes time and results in a less than stellar client experience.
The INNOTECH API Workings Groups, comprised of top industry talent from insurers, vendors and brokers, have been focusing on standardizing industry APIs to allow brokers to have real-time access to policy level information in their BMS. By developing and publishing API Standards in JSON format, insurers and vendors can program standards in their systems so brokers will be able to access the information needed for personal automobile and property insurance policy inquiry in real-time. Early next year, CSIO will be publishing the use case schemas and API Standards the Working Groups developed on policy inquiry for individually rated commercial automobile (IRCA), and commercial general liability (CGL) insurance policies.
“Consumers are accustomed to receiving information in real-time as they make buying decisions, and they expect the same experience when it comes to their property and casualty insurance policies,” said Derek Oke, Senior Director, Solutions Architecture, Travelers Canada. “As an INNOTECH Advisory Committee member, I am pleased to see the API digital solutions we proposed come to fruition. Standardizing APIs in JSON format allows insurer and vendor members to structure their data in an agreed-upon format, resulting in faster, more efficient transactions for brokers and an improved digital experience for customers.”
Insurers and vendor members can access the finalized API Standards and implementation guide at csio.com.
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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. CSIO maintains offices in Toronto and Montreal. For more information, visit csio.com.
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