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Minimum data set for commercial lines finalized


November 24, 2018   by Jason Contant



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The Centre for Study of Insurance Operations (CSIO) has finalized the minimum data set for CSIO XML standards in commercial lines, paving the way for implementation of commercial data standards in the broker channel.

The minimum data set comprises of nine sections of data elements commonly used by carriers to underwrite commercial risks, regardless of complexity, Catherine Smola, president and CEO of CSIO, told Canadian Underwriter Friday. The set has been mapped to the XML data standards and will serve as the foundation for implementation in carrier and vendor systems, reducing the complexity and cost of programming effort across the broker channel.

For brokers, implementation should result in faster quotes, reduced double entry, the ability to download basic commercial policy data and streamlined eDocs workflow. The industry association is also closely working with broker management system (BMS) vendors to support their programming efforts.

“This minimum data set promises substantial improvements to commercial lines workflow,” Smola said. “Seamless interaction and structured data will significantly speed up the quoting process and placement of new business. Brokers will be able to approach multiple markets for a quote using the same information.”

In addition, standards will enable more connectivity between BMS and carrier systems, meaning brokers can perform more work in their BMS and spend less time entering the same data multiple times.

“This is a transformational development for the broker channel,” added Brian Warkentin, assistant vice president at Aviva Canada. “We’ve already witnessed the benefits of data standards in personal lines; we are on the cusp of bringing the same benefits to commercial brokers, underwriters, and ultimately the consumer.”

The data set is the outcome of CSIO’s commercial lines working group, formed in July, which includes participation from carrier, broker and vendor stakeholders. “The data set was finalized earlier this month and the working group has expanded to include BMS vendors as we move into mapping out the implementation phase,” Smola said.

CSIO is also working with members to develop a certification program for commercial standards, defining industry requirements for implementation that support the seamless exchange of policy data between brokers and carriers. Certification will recognize carriers and BMS vendors that meet those requirements, promoting and encouraging compliance with the standards throughout the broker channel.

“In the new year, the CSIO working group will move into the next phase of this project, where they will meet to discuss and finalize the additional data elements required to underwrite specific types of commercial risks,” Smola said.