The Insurance Brokers Association of Canada (IBAC) is congratulating The Commonwell Mutual Insurance Group for its “significant contribution” to IBAC’s own Data Exchange (DX) project, by sharing development tools which would help standardize insurance solutions across vendors and carriers.
The Commonwell has submitted seven application programming interfaces (API) to the Centre for Study of Insurance Operations’ (CSIO) Reusable Data Services Library (RDSL). These CSIO-standard compliant APIs are freely available to use for both CSIO vendor and carrier members, allowing them to develop and deploy their own solutions quickly and more efficiently than by working on their own, while ensuring that data standards are retained.
The seven new APIs include personal insurance rating and upload APIs – which are useful for brokers.
The move has been praised by IBAC.
“IBAC’s broker-led initiative to accelerate connectivity in our industry is making real progress,” said IBAC CEO Peter Braid. “The Commonwell recognizes the value of sharing the non-proprietary specifications of their APIs with other insurers and vendors through the RDS Library, and we greatly appreciate their contributions to these important efforts.”
“In participating in IBAC’s Data Exchange project, The Commonwell is demonstrating our commitment to meeting current and future consumer needs through the broker distribution channel,” added The Commonwell vice president of distribution and member innovation Enrico Mastrangeli. “IBAC’s approach supports the ease of adoption of digital connectivity for brokerages and supporting vendors to drive significant business value through process efficiency and customer experience.”
“I’m very happy to see The Commonwell implementing real-time rating and policy upload APIs,” commented IBAC DX lead Tom Reid, who added that creating the ability for brokers to provide accurate real-time premiums through their own tools “immediately ramps up the experience that a broker can bring to their clients.”
