TIC pushes for real-time insurer-broker system

TIC pushes for real-time insurer-broker system | Insurance Business

TIC pushes for real-time insurer-broker system
The Toronto Insurance Conference (TIC) is pushing for an initiative that involves “real-time integration between an insurer technology platform and a broker management system.”

Under the DX Initiative banner, the conference is partnering with Royal & Sun Alliance Insurance Company of Canada (RSA), AIG Insurance Company of Canada, Keal Technology, and Custom Software Solutions (CSSI) to launch the initiative, in cooperation with the Centre for Study of Insurance Operations (CSIO).

TIC hopes to demonstrate the viability of such an integrated system by utilizing the Data Exchange Model (DX).

“This initiative, specifically focused on communicating claims information for both commercial and personal lines clients, follows the nationally-endorsed IBAC Data Exchange principles, using established industry data standards and without any surplus middleware or data translation layer,” said DX Initiative chair Brenda Rose.

The initiative hopes to produce the following time and resource-saving benefits:
 
  • Improved consumer experience
  • Reduced or eliminated duplicate manual entry of data
  • Improved quality and completeness of information
  • Reduced lag in communication between all ecosystem stakeholders through real-time sharing of data which can be used in a range of flexible formats
  • Eliminating cost and complexity of unnecessary “middleware” or data translation layers

For its part in the initiative, TIC will provide support and project management while providing insight into brokerage workflows and information requirements, a release said. The two BMS vendors involved in the initiative (RSA and AIG) will demonstrate flexible interoperability using their different claim technology platforms while using CSIO industry standards.

A release said that the timeline for completion of the DX Initiative will be around Spring 2018.

“The TIC board of directors is excited about this initiative,” commented TIC president Michael Loeters, “not only for what it means for TIC members and their working relationships with insurers, but for customers and brokers across the country.”


Related stories:
Applications now open for TIC Scholarships Program
Scholarships draw best, brightest to insurance