Key players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers.
The “solution phase” is set to commence in June, the Insurance Brokers Association of Ontario (IBAO) has announced.
IBAO has been developing the blueprint for an industry solution over the past year. Following in-depth research with insurers, tech vendors and a number of industry stakeholders, the discussion revolves around a centralized data translation service that allows brokers and insurers to connect with existing data capabilities, facilitating real-time transactions. “This solution would better enable effective digital service for consumers and benefit all players in the industry,” the broker association said in a press release Tuesday.
IBAO hosted an industry strategy meeting on May 24 to work through solutions on an industry-wide data connectivity model. Representatives from the Insurance Brokers Association of Canada, the Centre for Study of Insurance Operations, 18 insurers and all major broker management system and third-party technology vendors involved in broker/consumer digital connectivity participated in the forum.
The meeting concluded that a “solution is required in the immediate term to evolve the broker value proposition while companies move toward the adoption of industry data standards,” IBAO said. “It was clear the IBAO and the industry as a whole are committed to keeping the momentum going,” the broker association said. “Next steps will begin immediately. The IBAO will be forming a project team of industry stakeholders to determine the scope and viability of the BrokerFlow solution.”
“In order to service modern customers in the manner they choose, we need to evolve our digital capability as an industry,” said IBAO chief executive officer Colin Simpson, who participated in the meeting along with IBAO chairwoman Traci Boland and members of IBAO’s Technology Committee – Adam Mitchell, Rick Orr and Jeff Roy.
IBAC chief executive officer, Peter Braid, noted that the broker channel has an important role to play in advancing connectivity solutions and encouraging carriers and partners to make strategic decisions regarding the technology path that is best for them. “We look forward to working with IBAO as this project proceeds to the next phase.”