INNOTECH Advisory Committee

The digital economy is changing the insurance landscape, and so are customers’ expectations regarding the speed and quality of service. In order for insurance providers to meet these evolving needs, the INNOTECH Advisory Committee was created to bring industry leaders together and collaboratively evaluate and apply new and emerging technology.

The role of the INNOTECH Committee is to drive digital innovation and ultimately improve customer experiences within insurance by identifying major operational issues, common challenges, and solutions to these topics.

INNOTECH Members Voice Importance of Advisory Committee for Industry

Watch this video to hear from INNOTECH Committee members about why they think the initiative is important and how it can resolve common pain points through industry collaboration.

 

Industry Solutions

Using fact-based research and analysis, three areas were prioritized based on shared industry challenges. The Committee measured emerging technologies as proposed solutions against the viability, cost effectiveness, implementation efforts and key benefits stakeholders will experience. The first solutions are related to the billing, claims, and underwriting journeys. 

The CSIO Board of Directors has green-lighted the below solutions to move forward with the proof of concept phase. 

Journey

Current Workflow and Issues

Approved Solution

Billing

Current billing processes prevent the broker from electronically obtaining an updated billing schedule in their BMS when a non-policy amendment occurs. Additional billing notifications such as cancellations and NSFs are initiated without the brokers knowledge.

 

This results in brokers calling the insurer with billing inquiries or navigating through multiple portals when clients require assistance, resulting in slow response time.

Using the CSIOnet existing infrastructure, insurers will proactively deliver electronic billing notifications to brokers in an effort to reduce cost, improve customer satisfaction and retention.

 

The benefits will include a streamlined process for brokers to obtain billing information in their brokers management system (BMS), mitigating the cancellation of policies.

Claims

With insurers having various means for sharing claim updates, brokers are not always aware of the claim lifecycle, making it difficult to support the client.

 

This results in calls to the insurer or navigating through multiple portals to assist the client on a claim inquiry resulting in slow response to the customer.

Using the CSIOnet existing infrastructure, insurers will proactively deliver electronic claim updates to brokers in an effort to reduce cost, improve customer satisfaction and retention.

 

The benefits will include a streamlined process for brokers to obtain claim information in their broker management system (BMS).

Underwriting

Depending on the line of business and insurer, brokers interact with data is an inconsistent manner.

 

This results in lengthy and unpredictable cycle times for various transactions.

Standardizing a set of API specifications as the next generation of P&C standards will enable members to easily implement and structure their data model accordingly.

 

The benefits will optimize data interoperability resulting in seamless data exchanges between insurers and brokers enabling real-time functionality.

What our Industry Has to Say

Stephanie Phillips

I’ve been in the insurance industry for over 30 years and in that time I’ve recognized common pain points across insurance companies and brokerages. The INNOTECH Committee is our opportunity to resolve what individually we’ve not been able to.

– Stephanie Phillips, Enterprise Architect, RSA Canada
Denis Dalmas

What can be achieved by this group and not any individual insurance company is the industry solutions that come out of this group will be based on standards; the plumbing that will help lay the ground work for innovation within our industry.

– Dennis Dalmas, SVP, Solutions Delivery, Northbridge Insurance
Jeff Roy

One of my ‘why’s’ to contribute is to be the champion of people. And we want to champions our clients, our community and the broker distribution channel. One of my passions is to leave the industry better than I found it. Working on things together will benefit the entire industry if we do it successfully.

– Jeff Roy, CEO, Excalibur Insurance Group

INNOTECH Advisory Committee Progress Timeline