The Commercial lines working group of the Canadian Centre for Study of Insurance Operations (CSIO) announced it has published the data requirements needed to quote and bind two more commercial segments for those writing business in health services and warehousing.
“Health services include physicians, dentists and physiotherapists, where warehousing covers household goods, refrigeration and transportation terminals, along with others. This now makes a total of seven industry sectors that commercial lines data standards have been published for, with the previous ones being business and professional services, contractors, hospitality, real estate and retail industries,” they write. “Once insurers and vendors begin programming the prescribed fields and required data points for quoting and binding in their systems, it will allow commercial lines brokers to exchange data in a simple, structured format, directly from their broker management system to the insurers’ system, saving brokers time by eliminating double entry and reducing errors.”
They add that 64 per cent of Insurance Bureau of Canada (IBC) codes were incorporated by the working group when creating the health services standards and 61 per cent of IBC codes were used in developing the warehousing standard. They say this guarantees that the standards are applicable to the majority of the business being quoted in these two segments.
Going forward, they say the working group will create quote and bind requirements next for additional industry segments, including fishing, farming, hunting and logging by February 2024.
Related:
Application programming interface standards published by industry working group
Application Programming Interface standards published for broker systems
Standards published for quoting and binding hospitality business
