CSIO’s Commercial Lines (CL) Working Group Drives CL Data Standards Forward by Publishing Requirements to Quote and Bind the Hospitality Industry
March 20, 2023 |
(Toronto – March 20, 2023) – CSIO is pleased to announce that the Commercial Lines (CL) Working Group published business requirements to quote and bind a fifth CL industry sector: hospitality. Hospitality businesses include restaurants, hotels, motels and resort properties, among others. The CL Working Group previously published quote and bind requirements for business and professional services, contractors, real estate and retail industries.
CL Data Standards created by the Working Group streamline the quote and bind process by enabling the real-time exchange of information between insurers’ systems and broker management systems (BMS). This significantly reduces wait times, manual data entry and the need for brokers to contact insurers via email or phone for updates on client files. Insurers and vendors can enable the benefits for their broker partners by programming the data standards into their systems, saving time and money and greatly improving the customer experience.
To help the quoting process, the Insurance Bureau of Canada (IBC) created codes that apply to the types of businesses that are categorized under hospitality. The CL Working Group incorporated 78% of the IBC hospitality codes into their published requirements, guaranteeing that their data standards are applicable to the vast majority of hospitality businesses.
“With the help of the CL Working Group’s collective knowledge and data-driven approach, CSIO publishes new sets of industry quotes and bind requirements to benefit brokers, insurers and vendors,” said Laura McDonald, Assistant Vice President, National Distribution, Business Insurance at Travelers Canada. “Successfully creating requirements for five industries is a tremendous achievement for Property and Casualty (P&C) insurance, and we are looking forward to building on our momentum to further improve CL Data Standards.”
The CL Working Group is currently creating quote and bind requirements for a sixth industry, which will be available in July 2023. In the meantime, CSIO members can take advantage of the following resources:
Insurers and vendors:
- Download and program the hospitality requirements that are included as part of the latest EDI and XML Standards releases.
- 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.
About Centre for Study of Insurance Operations (CSIO)
CSIO is Canada’s industry technology association of property and casualty insurers, service providers and over 38,000 brokers. CSIO is committed to improving the consumer’s ease of doing business within the broker channel by overseeing the development, implementation and maintenance of technology standards and solutions such as eDocs, My Proof of Insurance, and eSignatures. In addition, CSIO operates the industry-owned mail network service. The CSIO XML Standard is licensed to CSIO by ACORD (Association for Cooperative Operations Research and Development). For more information, visit csio.com.
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