It’s been less than two months since CSIO launched its My Proof of Insurance eDelivery solution, but so far the industry response “has been nothing short of remarkable,” says Catherine Smola.
“To date, we have over 15 carrier companies, seven provincial broker associations, the Insurance Brokers Association of Canada and the majority of broker management vendors who have publicly endorsed our solution,” Smola, president and CEO of CSIO, said at the association’s annual general meeting at the National Club in Toronto on Tuesday.
Smola also reflected on CSIO’s agile standards development process, which the association introduced in early 2017. Member companies can now submit new or amended coverage codes within a matter of weeks, rather than twice per year. As a result of this, CSIO has seen a significant reduction in the use of Z-Codes—coverage codes that have yet to be incorporated into the CSIO data standards. The association says that in 2017, five carrier members sent no Z-Codes whatsoever, and 13 carrier members are now 100% standards compliant.
Steve Whitelaw, CSIO chairman and Travelers Canada’s vice-president of strategic planning and execution, said the association’s work over the past year has helped strengthen the broker channel. “Together, CSIO and its members have moved forward in implementing standards and technology as enablers of our industry’s ease of doing business,” he said. “In doing so, we have leveled the playing field to effectively compete against direct writers.”