March 5, 2007 by Canadian Underwriter
ING Insurance Company of Canada and Policy Works Inc. have developed an integrated solution for exchanging commercial lines data.
Data exchange has been common in personal lines insurance for some time, ING Insurance notes in a press release. But the development of this integration between ING Insurance and Policy Works marks the first significant stride toward data exchange in the commercial realm, the company notes.
INGs proprietary online Web tool provides brokers with a single point of entry for commercial lines business. Policy Works automates the marketing of a brokers commercial risks.
Integrating the two systems enables brokers who do business with ING Insurance to upload commercial lines submissions from Policy Works directly into the ING Web tool, ING Insurance says. This eliminates brokers having to enter the same information twice and provides them with quicker turnaround times on quotes.
According to Peter Weightman, senior vice president, commercial lines for ING Insurance: We believe this technology initiative enhances our relationship with our broker partners as it furthers our commitment to make it easier for them to do business with us. The interface to Policy Works reduces double entry by brokers, thereby respecting their time constraints and honouring their existing workflows.
The integration is based on the new CSIO commercial lines XML standard. The advent of the CSIO XML standard for commercial lines opens promising new opportunities to the Canadian insurance industry, Policy Works Inc. president Kevin Campbell says in a release. We are really excited that ING Insurance shares our vision of using the standard.
Together, we are moving commercial insurance brokers one step closer to a completely electronic workflow.