Commercial eDocs 101 for Brokers

December 01, 2014 |

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The broker distribution channel holds over 90% of the market share for commercial insurance in Canada – a remarkably strong showing in the face of competition from direct writers. How can they maintain that strength?

To solidify their hold, it is crucial for brokers to innovate and invest in technology such as eDocs to improve their operations. But there are many myths out there on what eDocs are and just how they work. Let's take some time to clear up the most common ones:

Myth

eDocs cannot be used for commercial lines

Fact

The eDocs standard is not specific to any line of business or document. In fact, several insurers now offer them for commercial policies. Contact your carrier representatives regularly to see when you can make the switch.

Myth

To receive commercial eDocs, you must have a commercial management system (CMS)

Fact

All you need is a broker management system (BMS) that supports the eDocs standard.

Myth

You can only receive certain documents, like dec pages, as eDocs

Fact

The eDocs standard can be applied to any document, such as billing, mortgagee copies, IRCA and more. Even large, complex documents can be sent as eDocs.

Myth

It is difficult to quantify the benefits of adopting eDocs

Fact

CSIO eDocs Savings Calculator is a free tool that uses actual brokerage operational data to determine cost and time savings.

Myth

eDocs only benefit operating costs and workflow efficiency

Fact

eDocs also help improve customer service. By receiving policy documents directly to your BMS/CMS, you can retrieve customer information instantly and avoid placing customers on hold during service calls. Time previously spent filing and scanning can be redeployed towards revenue-generating initiatives.

Do you have eDocs myths and facts of your own?

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