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Insurer-broker system for real-time transactions passes initial test | Canadian Insurance
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Insurer-broker system for real-time transactions passes initial test

The project is a collaboration between select insurers, P&C industry tech providers, CSIO and IBAC

A project that will define data exchange standards between insurance companies and brokers has successfully completed initial tests that bring insurers and brokers one step closer to processing policy transactions in real time.

The purpose of the “broker connectivity accelerator,” as the system is called,” is to have transactions in broker management systems begin and end in those systems in addition to enabling data to flow between systems electronically without manual intervention or portal connections.

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“The accelerator will enhance the flow through of transactions and reduce manual intervention, time and expenses from the process for both brokers and insurance companies,” states the announcement. “With accurate, straight-through processing, brokers will be able to focus on much more value-added, premium-generating activities, such as proactive selling and servicing, and customer retention.”

The group behind this project is referred to as the “Canadian Guidewire Users Group” and includes representation from Aviva Canada, Economical Insurance, Red River Mutual and Wawanesa Insurance. The insurers have engaged Guidewire Software to develop the system in collaboration with Keal Technology and Custom Software Solutions. The Centre for the Study of Insurance Operations (CSIO) and the Insurance Brokers Association of Canada are also involved in the initiative.

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The move to improve data exchange also lays the groundwork to enhance the information that brokers can provide to customers online. Another advantage is the accelerator’s use of CSIO’s agnostic standard information format and process design means that the accelerator’s principles can be employed with any system that accepts, digests and responds to standard CSIO messages, the announcement notes.

Work will continue in the test environment throughout the summer and individual insurance companies using Guidewire will develop roadmaps to deliver seamless integration of the broker connectivity accelerator.