A commercial lines working group convened by the Centre for Study of Insurance Operations (CSIO), a technology association for property and casualty (P&C) insurers, service providers and brokers, has published data standards, business requirements, to quote and bind businesses in the hospitality sector. These businesses include restaurants, hotels, motels and resort properties.
“The commercial lines working group previously published quote and bind requirements for business and professional services, contractors, real estate, and retail industries,” the group states in its announcement about the new requirements. It adds that the working group is currently creating quote and bind requirements for a sixth industry, which will be made available in July.
Streamlining the process, they say, will significantly reduce wait times. “Insurers and vendors can enable the benefits for their broker partners by programming the data standards into their systems, saving time and money and greatly improving the customer experience,” they write.
To help the development of the requirements, the Insurance Bureau of Canada (IBC) reportedly created the codes that apply to the different business types categorized under hospitality. The working group, in turn, incorporated 78 per cent of the codes into the final published requirements.
“Successfully creating requirements for five industries is a tremendous achievement for P&C insurance,” says Laura McDonald, assistant vice president, national distribution and business insurance, at Travelers Canada. “We are looking forward to building on our momentum to further improve commercial lines data standards.”
