CSIO Speaks on Industry Panel at the Launch of TIC’s First Notice of Loss Proof of Concept

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CSIO was pleased to participate in a panel at the launch of the Toronto Insurance Council’s (TIC) Proof of Concept for First Notice of Loss (FNOL) transactions, using the IBAC Data Exchange (D/X) Model. D/X is a design for real-time data integration between insurance brokers, carriers and industry third parties. Using CSIO XML data standards, D/X allows data to flow directly between trading partners, without intervening relays or translations, and applies to both personal and commercial lines.

The TIC announced the launch of the FNOL proof of concept using D/X to support real-time integration development for both personal and commercial lines. The TIC proof of concept is an industry collaboration, led by TIC and developed by carriers, vendors and industry partners, including:

• AIG Insurance Company of Canada
• Royal & Sun Alliance Insurance Company of Canada (RSA)
• SGI Canada
• Travelers Canada
• Custom Software Solutions Inc. (CSSI)
• Keal Technology
• CSIO

The proof of concept has validated that the CSIO XML standards are complete, robust and ready for business

The FNOL proof of concept is built on real-time principles established by the Insurance Brokers Association of Canada (IBAC), laying the foundation for how the P&C industry can accelerate technology adoption. The principles were also demonstrated previously in the industry Guidewire Accelerator project, which took a collaborative approach. Ahmer Gulzar, Senior Manager, Technology Strategy & Architecture at CSIO, who spoke on the panel, said that the project team did not encounter any difficulty in adopting CSIO standards, and from CSIO’s perspective, the project was an exercise in mapping CSIO XML data standards to the appropriate fields selected for FNOL by the project team. All data elements were available and supported in the existing version of the CSIO XML standards.

“The proof of concept has validated that the CSIO XML standards are complete, robust and ready for business,” said panel member Steve Whitelaw, VP IT Planning, Execution & Operational Effectiveness, Travelers Canada and Chairman of the Board of Directors of CSIO.

CSIO has recently formed a working group of carriers and broker representation through IBAC to identify and gain consensus on the minimum common data elements required by carriers for commercial lines. By ensuring that the industry leverages common data standards, CSIO supports the industry as a whole in moving quickly and efficiently toward removing friction from insurance transactions and digitizing business.