The Centre for Study of Insurance Operations (CSIO) has launched the new INNOTECH API Security Working Group, with participants from six carriers and representatives from the Insurance Brokers Association of Canada (IBAC).
The formation of the INNOTECH API Security Working Group comes a month after the CSIO’s board of directors approved three digital solutions drawn up by the INNOTECH Advisory Committee.
One of the approved digital solutions was the standardization of insurance Application Programming Interfaces (APIs). To move forward with this initiative, the INNOTECH committee formed the API Security Working Group, composed of industry subject matter experts who will assess what a centralized security model will look like for CSIO members.
According to CSIO, the working group’s mandate is to develop industry specifications to implement a common authentication and authorization security solution; this standardized API security solution will help facilitate data exchange between insurers, brokers and third-party service providers.
The working group had already held its first session to settle on its scope and deliverables. In the future, the team will meet to identify and determine security requirements and develop a solution recommendation to present to the CSIO board.
“We are very excited to bring together leading security experts from across the industry to join the INNOTECH API Security Working Group,” said CSIO president and CEO Catherine Smola. “This work, as well as the work completed by the INNOTECH Committee to date, will help standardize an API security authorization and authentication approach to benefit the industry and improve the digital experience for insurance customers.”
