Brokers want clarity around “real-time” technology interface with carriers

When it comes to broker-carrier interface technology, brokers want a clearer definition of what constitutes “real-time.”
Brokers are expected to discuss and perhaps vote on a definition of “real time” while attending the Insurance Brokers Association of Canada (IBAC)’s annual general meeting in New Brunswick on Sept. 16-18.
In IBAC’s Annual Report 2010, the association’s technology committee notes it will be tabling a white paper intended to clarify the definition.
“There has been a recent proliferation of confusing industry discussion and debates around the concept of ‘real time,'” the technology committee says in its annual report to IBAC. “With this being said, the committee felt it important to develop a white paper to discuss this topic of ‘real time’ and what we as brokers feel is the appropriate definition and model…
“The main reason for having this paper adopted is to provide some clarity on this topic and to illustrate to insurers and [technology] vendors that there is common ground that needs to be reached.”