If only there was a calculator to quantify the savings to be had by switching from paper to eDocs. Thanks to the Centre for Study of Insurance Operations, now there is.
CSIO has released its eDocs Savings Calculator, which allows brokers to calculate the daily, monthly and yearly time and cost savings gained by implementing eDocs.
“Since its launch in 2012, the CSIO eDocs Standard has seen a significant increase in adoption across the broker distribution channel, particularly when brokers learn about the substantial benefits eDocs provides,” says Catherine Smola, president & CEO at CSIO. “With the eDocs Savings Calculator, brokers are now able to quantify these benefits and determine the financial and time savings realized in their own operations from implementing eDocs.”
In building the calculator, CSIO worked with several of its members to obtain valuable information about the time and cost savings they had gained since implementing eDocs. In interviewing these brokers, CSIO mapped out their workflows to determine the variables that benefit the most from eDocs and which were used in the development of the calculator.
“The calculator was very easy and intuitive to use,” says Tracy McDonald, President of Lake of the Woods Insurance. “The numbers I needed to plug in were simple to obtain and it provided me with compelling results that enabled me to see exactly how beneficial eDocs have been to my brokerage.”
Featuring a user-friendly interface, the eDocs Savings Calculator is available in both English and French and can be accessed
here.
CSIO is Canada’s industry association of property and casualty insurers, brokers and software providers, and oversees the development, implementation and maintenance of technology standards and solutions such as eDocs, Telematics and eSignatures. In addition, CSIO continues to maintain and operate the industry-owned EDI mail network service, CSIOnet.
