The Centre for Study of Insurance Operations (CSIO) recently announced that its commercial lines (CL) working group has published business requirements to quote and bind the hospitality industry.
This marks the fifth sector to be streamlined by the CL working group, having previously published quote and bind requirements for business and professional services, contractors, real estate, and retail industries.
The CL data standards developed by the CSIO’s CL working group enable the real-time exchange of information between insurers’ systems and broker management systems, significantly reducing wait times, manual data entry, and the need for brokers to contact insurers for updates on client files. Insurers and vendors can also program these data standards into their systems, which saves time and money and greatly improves the customer experience.
To facilitate the quoting process, the Insurance Bureau of Canada (IBC) created codes that apply to different types of businesses categorized under the hospitality industry, including restaurants, hotels, motels and resort properties. The CL Working Group has incorporated 78% of these codes into its published requirements, ensuring that the data standards are applicable to a wide net of hospitality businesses.
“With the help of the CL Working Group’s collective knowledge and data-driven approach, CSIO publishes new sets of industry quotes and bind requirements to benefit brokers, insurers and vendors,” said Laura McDonald, AVP national distribution for business insurance at Travelers Canada. “Successfully creating requirements for five industries is a tremendous achievement for property and casualty insurance, and we are looking forward to building on our momentum to further improve CL Data Standards.”
The CL working group also announced that it is currently working on creating quote and bind requirements for a sixth industry, which will be available in July 2023.
Last December, CSIO was able to finalize the business requirements for all 40 use cases on its 2022 API roadmap, including ones for personal automobile, habitational insurance, individually rated commercial automobile, and commercial general liability.
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