The Centre for Study of Insurance Operations (CSIO) has announced that six insurers have achieved its Compliance Certification, a program aimed at ensuring standardized data exchanges in the insurance industry.
The insurers awarded the certification are Carleton-Fundy Mutual Insurance Company, The Commonwell Mutual Insurance Group, Estrie-Richelieu Group Insurance Company, Max Insurance, My Mutual Insurance, and Stratford Underwriting Agency Inc.
According to a news release, the certification requires insurers to eliminate the use of Z-Codes, non-standard coverage codes, in their data exchanges with brokers. These codes are replaced by CSIO Standard codes, which aim to enhance reporting accuracy, operational processes, and the quality of data shared between insurers and brokers.
“Compliance Certification is a key part of our industry initiative to establish clear, consistent, relevant Data Standards that save brokers valuable time,” said Catherine Smola, president and CEO of CSIO. “Certified insurers demonstrate a commitment to compliance best practices, providing brokers with streamlined workflows and a higher level of data quality in their BMS.”
The news release noted that CSIO assists insurers in converting Z-Codes to standard codes through a mapping process. Insurers may also propose new coverage codes through CSIO’s maintenance request (MR) process. Submitted requests are reviewed by the National Standards Working Group, and approved codes are integrated into insurers’ systems.
Insurers who only use CSIO standard codes in data exchange services with brokers are invited to apply for CSIO’s Compliance Certification.
The Centre for Study of Insurance Operations (CSIO) is a Canadian technology association representing property and casualty insurers, vendors, and over 43,000 brokers. It is responsible for developing, implementing, and maintaining technology standards and systems used across the insurance industry, including CSIOnet, eDocs, and My Proof of Insurance. The CSIO XML Standard is licensed to CSIO by the Association for Cooperative Operations Research and Development (ACORD).
Do you have something to say about this story? Share your thoughts in the comments below.
