The Centre for Study of Insurance Operations (CSIO) has revealed that four more carriers have joined its national working group for commercial lines.
American International Group (AIG), Economical Insurance, Heartland Farm Mutual and SGI Canada have joined the group to help “advance the implementation of commercial lines data standards,” a release said. The inclusion of the four brings the total number of participating carriers to 11. The working group also features broker representation through the Insurance Brokers Association of Canada (IBAC).
“The addition of four more carriers to this working group indicates a strong desire in the broker channel to realize the benefits of data standards in commercial lines,” commented CSIO president and CEO Catherine Smola. “This working group sends a strong message that our industry recognizes the value of collaborating to develop workflows that both improve the ease of doing business and strengthen the broker channel’s competitive position.”
The working group is the first phase in the planning and implementation of commercial lines standards; it is the working group’s goal to define the minimum data elements common to all commercial risks. According to a release, the working group’s minimum data set – programmed into CSIO’s XML standards – would eventually serve as a baseline for carrier and vendor systems
Setting these standards could save development time, investment and effort in carrier and vendor systems.
“We see the benefits of data standards in personal lines every day – reduced double entry, less paperwork, faster quotes, and improved customer service,” stated IBAC broker technology & innovation Kim Opheim. “In arriving at a minimum data set with the participation of so many diverse carriers, we are one step closer to transforming commercial lines workflow in a similar way for the broker channel in Canada.”