The Centre for Study of Insurance Operations (CSIO) has moved closer towards the implementation of commercial data standards, by finalizing the minimum data set for its XML platform.
The minimum data set includes common data elements used by carriers to underwrite commercial risks, regardless of the complexity. A release from CSIO said that the set has been mapped to XML data standards, building upon what would eventually become a system of commercial insurance standards for both carrier and vendor systems.
With commercial insurance data standards implemented, brokers could quickly produce quotes, avoid making redundant data entries, and easily obtain basic commercial policy data. Standardization also leads to a more streamlined eDocs workflow, CSIO said in a statement. The organization is working closely with broker management system vendors to support their programming efforts.
“This is a transformational development for the broker channel,” said Aviva assistant vice-president Brian Warkentin. “We’ve already witnessed the benefits of data standards in personal lines: We are on the cusp of bringing the same benefits to commercial brokers, underwriters, and, ultimately, the consumer.”
CSIO also revealed that it is working with members to create a certification program for commercial standards. Certification will recognize carriers and BMS vendors that meet the policy data exchange requirements defined by the organization and its members.
“The progress made on commercial lines standards in just a few months truly demonstrates the value of collaboration in our industry,” commented CSIO president and CEO Catherine Smola. “This minimum data set promises substantial improvements to commercial lines workflow, and we look forward to continuing this important work in partnership with our members.”
