CSIO’s Commercial Lines (CL) Working Group Publishes Quote and Bind Requirements for Four New Segments
TORONTO, ON, JULY 23, 2024/insPRESS/ – CSIO is pleased to announce that the CL Working Group is driving CL Data Standards forward by publishing business requirements to quote and bind four more industry segments: Wholesale, Manufacturing/Processing, Education and Member Organization Services. When CL Data Standards are programmed, BMS and insurer systems talk to one another in real-time as an Application Programming Interface (API) call, enabling the accurate exchange of data in a structured format along the insurance value chain.
With this achievement, there are now twelve small business industry segments with published CL Data Standards, making this an even more compelling solution for insurers, brokers and vendors. The four new segments represent the largest number of segments published by the CL Working Group in a single release and cover over 60 new IBC codes. Related business requirements are included in CSIO’s latest XML 1.47 Standards release version.
The CL Data Standards created by the Working Group allow brokers to exchange data with insurers via API directly in their BMS. Insurers and BMS vendors who programmed CSIO’s Commercial Lines Minimum Data Set (CL MDS) are realizing many quoting benefits. Leveraging Member feedback, CSIO created the Adoption Scorecard, which reveals that brokers are receiving quotes from insurers who have programmed the CL MDS in an average of 10 seconds, freeing up time for brokers to focus more on their customers.
“I commend the CL Working Group for reaching this significant milestone,” said Steve Whitelaw, Senior Vice President and General Manager at Applied Systems Canada. “Applied is dedicated to working with the industry to streamline operations by making it easier for insurers and brokers to grow their Commercial Lines book of business using the CL Data Standards for online quoting.”
In response to increased use of the CL Data Standards, CSIO developed the CL MDS Validator tool to enable insurers and BMS vendors to confirm that their XML files are compliant with the CL MDS Question Set for each industry segment, expediting accurate data exchange. The Validator reads uploaded files and checks to confirm they meet the standards – whenever an error is found, it is clearly flagged. Start using the Validator tool now.
Insurers and BMS vendors:
Download and program the new requirements included in the latest EDI and XML Standards releases.
Brokers:
Find out how much time the CL Data Standards can save by checking out CSIO’s Commercial Lines Real-Time Quote Savings Calculator.
All CSIO members:
View all the IBC codes by industry that the CL Working Group has incorporated into the CL Data Standards.
Check out CSIO’s CL MDS Adoption Scorecard to learn more about the benefits reported by insurers and BMS vendors who programmed the CL MDS.
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About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, vendors and over 43,000 brokers. CSIO is committed to driving innovative solutions that enable the best insurance experience in Canada by overseeing the development, implementation, and maintenance of technology Standards and solutions, such as CSIOnet, eDocs, and My Proof of Insurance. The CSIO XML Standard is licensed to CSIO by ACORD (Association for Cooperative Operations Research and Development). For more information, visit csio.com.
For further information, please contact:
Karen Hatch | Director, Communications
110 Yonge Street, Suite 500 | Toronto, ON M5C 1T4
(416) 360-1773 x 2300 | 1 (800) 463-2746 x 2300
khatch@csio. com | www.csio.com
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.
Media Contact:
Lauren Malcolm
Director of Communications
Applied Systems
LMalcolm@appliedsystems.com
(678) 438-5093
