Technology, Innovation, and the Evolution of our Industry

Catherine Smola, President & CEO | Canadian Underwriter insBlogs

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Last year I posted a blog  – CSIO and the Power of Collaboration – to reflect on the challenges and accomplishments of 2013. As many of you may recall, eDocs was a major success of our industry, with all members of the broker channel coming together to implement this important solution. At our 2014 annual members’ meeting and reception, we celebrated the first 12 recipients of CSIO eDocs Certification and looked to build on that momentum going forward.

And so, I once again find myself reflecting on the past year in preparation for this year’s CSIO’s Annual Members’ Meeting and Reception. Have we maintained and built upon the collaborative effort that made eDocs such a success? Has our industry continued to evolve and adapt to changing times? And what can we do to ensure  our industry’s continued success?

Building on a Successful Foundation

While the CSIO eDocs standard made its debut in 2012, the broker channel’s embrace of this technology standard  bears continued celebration. Over 70% of brokerages have adopted it in Ontario alone, with uptake across Canada continuing to impress. Overall, eDocs have led to thousands of hours saved and millions of dollars in reduced operational costs for brokers and insurers alike.

In addition, the CSIO eDocs Certification program has certified 19 insurer and vendor members so far, with more still currently going through the program.  Industry recognition of Certification speaks to the authority it carries, and to the value our members place on working towards common goals that support profitable growth for everyone.

An Industry in Transition

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eDocs was one important improvement, but as  customer expectations continue to evolve, so must we as an industry. One opportunity of significance is eSignatures, a technology whose importance cannot be overstated. Customers today are accustomed to online banking and purchasing songs with a tap on their touch screen – with this in mind, the process of printing an insurance document to sign with a pen, only to scan or fax back seems antiquated.

In a short period of time, however, eSignatures momentum has built within the broker community. One recent estimate from the Insurance Brokers Association of Ontario suggests that at least four brokerages per day implement an  eSignatures solution, with interest and awareness continuing to grow. Other important advancements have been made as well, such as the broker adoption rate for Transport Layer Security (TLS) eMail Security (now over 70% nationwide) and the continued increase in the online presence of brokers through the use of tools such as mobile websites and mobile apps .

2015… and Beyond

On May 14th at 1:30 PM at the National Club in Toronto, CSIO will host its 2015 Annual Members’ Meeting and Reception, an excellent opportunity to network with industry peers as we take stock of where we are and turn our eyes towards the future. With this purpose in mind, it is only fitting that the keynote addressTechnology, Innovation & the Canadian Economy will be presented by Bloomberg’s top Canadian forecaster:  Douglas Porter, Chief Economist and Managing Director of BMO Financial Group. With over 25 years of analyzing global economies and financial markets, his insight and expertise will prove invaluable to all attendees.

Brokers in attendance are eligible for RIBO accreditation of one Management hour.

I am delighted to extend an invitation to this important event to you, the brokers, insurers and technology vendors who comprise the broker distribution channel. It is because of your dedication and support that CSIO and our industry are positioned for success, and I look forward to our continued collaboration.