CSIO publishes business requirements for farming services

CSIO publishes business requirements for farming services | Insurance Business Canada

Insurance News

CSIO publishes business requirements for farming services

New system aims to reduce quote and bind processing time

Insurance News

By
Jonalyn Cueto

The Centre for Study of Insurance Operations (CSIO) has extended its CL Data Standards to include the farming services industry, advancing the insurance quoting and binding process for agricultural businesses. The expansion encompasses a range of agricultural operations, from greenhouses and field crops to fruit and vegetable farms.

According to CSIO, the move aims to simplifying the data exchange between brokers and insurers. It employs a structured format for data interchange, resulting in a more efficient processing and shortened process time required for quoting insurance policies.

Reports from brokers show a significant reduction in quote response times from insurers, decreasing from days to an average of just 14 seconds, enhancing the customer experience and yielding substantial savings in time and resources.

With the inclusion of farming services, the CL Data Standards now cover eight small business industry segments. These segments span more than 300 Insurance Bureau of Canada (IBC) codes, embracing professional services, contractors, real estate, retail, hospitality, health services, and warehousing.

Colette Justa, the national initiatives manager for commercial insurance at The Wawanesa Mutual Insurance Company and a farm insurer in Canada, expressed her support for the initiative.

“As one of Canada’s leading farm insurers, we know how important it is to make sure we get fast, accurate and helpful information to our brokers, so they can give great advice to their customers,” said Justa.

She acknowledged the CL Working Group’s efforts in defining the quote and bind requirements for the farming industry, emphasizing the milestone achieved in a move to meet the operational needs of brokers and their clients.

Looking ahead, the CL Working Group is quote and bind requirements for the wholesale services, which are expected to be rolled out in July 2024.

As a national technology association, the CSIO’s membership includes property and casualty insurers, software vendors, and over 38,000 brokers.

The organization promotes the optimal insurance experience in Canada through the development, implementation, and maintenance of industry technology standards and solutions, including CSIOnet, eDocs, and My Proof of Insurance.

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