ORBiT canvassing Canadian P&C insurance industry’s use of real-time technology

A non-profit organization called ORBiT (Organization of Real-Time Brokers Implementing Technology) is currently assessing the degree to which carriers and brokers have taken up the use of real-time technology in their organizations.
“Real time” is defined as the ability to click on a button from a client file in a brokerage management system (BMS) for immediate access to carrier information on that client. The transaction could be a quote, billing inquiry, claim inquiry/loss runs, policy views, endorsements or a request for information.
“The real time/download campaign has reached a tipping point, prompting ORBiT to continue to build the momentum,” Catherine Trimble of Pathway Partners Ltd. writes on behalf of ORBiT in the Centre for the Study of Insurance Operations (CSIO)’s new publication, The CSIO Standard.
“ORBiT is working on expanding the reporting on real-time usage. For example, we will be polling brokers about awareness, adoption and usage of real time in their brokerages, with further check-ins to track progress.”
Trimble notes “many independent brokers, as well as carriers, are just now starting with real-time functionality.”
ORBiT’s mandate is to work with broker management, carriers and technology vendors to move towards real-time use, including clean downloads, and away from proprietary systems “ that have slowed our market share growth,” Trimble says.
 “Not too different from the former SEMCI battle cry,” Trimble says of ORBiT’s mandate, “but now with a more focused and structured approach to ensure change happens with all industry participants.”