CSIO’s commercial lines (CL) working group has published business requirements to quote and bind two more industry segments.
The segments covered in this latest release are health services and warehousing, encompassing professionals such as physicians, dentists, physiotherapists, and businesses involved in household goods, refrigeration, and transportation terminals, among others.
The CL working group develops data standards for different industry segments to streamline the process of quoting and binding commercial insurance policies, according to CSIO.
By programming the prescribed fields and required data points in their systems, insurers and vendors enable commercial brokers to efficiently exchange data, while eliminating the need for duplicate data entry and minimizing errors. This also helps insurers to efficiently assess risks and automate the quoting process.
To facilitate the quoting process, the Insurance Bureau of Canada (IBC) has established codes specific to various business types falling under different segments. The CL working group has incorporated 64% of the IBC codes for health services and 61% of IBC warehousing codes, ensuring that the data standards are applicable to most businesses operating in these sectors.
CSIO’s CL data standards now cover a total of seven industry segments, including business and professional services, contractors, hospitality, real estate, and retail industries.
This list will soon be expanded as the CL working group develops quote and bind requirements for additional industry segments, including farming, fishing, hunting, and logging. These requirements are expected to be available in February 2024, according to CSIO.
“The CL working group continues to lead the evolution of CL data standards by defining requirements for these additional two segments – health services and warehousing,” said Robert Tamburro, CL working group member and product owner (CSPO) and digital solutions specialist at Unica Insurance. “These are just the latest examples of how this talented team has worked collaboratively to advance CL Data Standards and create greater value for our broker partners and their customers.”
Earlier this month, CSIO’s Innovation and Emerging Technology (INNOTECH) advisory committee and API working groups released JSON API standards for additional uses cases in personal automobile, habitational, individually rated commercial automobile (IRCA), and commercial general liability (CGL).
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