The Centre for Study of Insurance Operations (CSIO) has announced the publication of application programming interface (API) standards in JavaScript object notation (JSON) to facilitate real-time quote and bind capabilities for four lines of business, namely personal automobile, habitational, individually rated commercial automobile (IRCA), and commercial general liability (CGL).
Developed by CSIO’s Innovation and Emerging Technology (INNOTECH) advisory committee and API working groups, the standards can be incorporated into the systems used by insurers and vendors to enable brokers to quote and bind multiple lines of business directly from their broker management system (BMS).
JSON technology was used to build programmable schemas for the new API standards since it allows condensed sets of data to move between systems more efficiently than before, according to a press release from CSIO.
With these JSON API schemas, brokers no longer need to manually enter information into individual insurers’ systems to obtain quotes. Instead, they can receive quotes from all their insurer partners as soon as the request is submitted, and bind new business in real-time directly from their BMS.
This will make the broker process more efficient and enhance the experience for insurance customers, the CSIO release added.
“Increasing connectivity between brokers and insurers is an essential way we can give people and businesses great service, while helping the broker channel thrive,” said Graham Haigh, SVP & chief operating officer – West at Wawanesa Mutual Insurance Company. “I commend the INNOTECH advisory committee and its working groups for creating APIs that are capable of taking broker connectivity to an even higher level.”
“The industry’s ability to come together on a unified approach for quote and bind is not only having an immediate positive impact in the form of CSIO’s latest JSON API standards release, it has also laid the foundation for future API use case development that will further enhance the property and casualty insurance value offering,” said Steve Whitelaw, senior vice president and general manager at Applied Systems Canada.
In March, CSIO published business requirements to quote and bind the hospitality industry, marking the fifth sector to be streamlined by its commercial lines (CL) working group.
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