During its annual general meeting (AGM) held virtually on April 28, 2022, the Centre for Study of Insurance Operations (CSIO) looked back at its accomplishments for the past year and reaffirmed its mission to help P&C brokers adapt to the market’s digitalization.
“Everything we achieved couldn’t have been brought to fruition without collaboration. The brokers, insurers and software vendor members on our Committees and Working Groups were all instrumental to our successes and will be integral to our future accomplishments,” commented CSIO board chairman Cam Loeppky.
The group celebrated its 40th anniversary last year, and according to CSIO president and CEO Catherine Smola, the secret to CSIO’s longevity lies in its innovation through standards and collaboration.
“The Advisory Committee reached consensus on three common industry pain points followed by the Working Groups who quickly moved on to develop both the business and technical requirements to launch three digital solutions designed to improve operational efficiency and enhanced customer experiences in the broker channel,” Smola explained.
To coincide with its 40th anniversary milestone last year, CSIO had rolled out three solutions for P&C brokers. The first two, Billing and Claims eDoc notifications, were built leveraging existinginfrastructure already in place. The group reported that the two solutions are being used by over 2,200 brokerages and all major insurers.
The third solution involved prioritizing the development of Application Programming Interface (API) Standards and defining policy inquiry business requirements for personal automobile and habitational insurance; Individually Rated Commercial Auto (IRCA); and Commercial General Liability (CGL). CSIO’s Working Groups were also praised for publishing the first set of API Standards in the P&C industry in Java Script Object Notation (JSON).
CSIO’s Commercial Lines Working Group was also given a shoutout during the meeting, as it completed quote and bind requirements for three commercial segments: contractors, retailers, business and professional services – three segments that have gone “underserved” for a long time. The CL working group also helped define requirements for multi-operations small business quote and bind last year.
Smola also took the opportunity during the meeting to acknowledge the continued success of CSIO’s My Proof of Insurance (MPOI). In 2021, 161% more documents were digitally sent using MPOI than in 2020. CSIO also reported that nearly 900 brokerages have adopted the solution, and 46 insurers have selected MPOI as their preferred eDelivery platform.