Solving Industry-Wide Challenges Means Agreeing on the Most Pressing Challenges
INNOTECH quickly defined bottlenecks in the broker channel: No digital exchange of claims notifications and billings inquiries and a need to advance API Standards. Extra work and a digital disconnect between insurer and broker systems was a common challenge for brokers. INNOTECH’s solutions will bring widespread benefits to the industry and customers.
- Refinement of eDocs Codes and Descriptions
CSIO is focused on addressing ambiguous Data Standards and Standardization of eDocs as a priority to improve broker efficiency. Developing CSIO Standards is one of our main objectives, focusing on producing comprehensive eDocs standards that are not subject to interpretation, ensuring eDocs are consistent, and making an insurer's communication with brokers easier and more accessible.
To launch this initiative, CSIO has held discussions and discovery sessions with brokers, insurers, and BMS vendors to gather feedback on the eDoc use case codes. Following the sessions, CSIO produced refined eDoc codes and surveyed hundreds of brokers across the country to gather input on the proposed eDoc descriptions. Then CSIO hosted focus group sessions with brokers across the country, each session for a specific BMS, to ensure all use cases have been accurately captured and to confirm if the proposed eDocs labelling is clear for each use case. The finalized eDocs codes were presented to the eDoc Working Group, comprised of brokers, insurers, and vendors to ensure industry consensus.
Brokers can learn more about eDoc codes here.
Insurers and Vendors can refer to the business requirement document to program the use cases.
- API Standards
Brokers need real-time policy data exchange between insurers’ and brokers’ systems.
Often, brokers don’t have information readily available in their broker management system (BMS) to support new prospects and service existing clients.
Instead, the broker has to:
- Deal with different processes across insurers.
- Use third-party systems for quotes.
- Complete the sales process in the insurer’s portal.
- Access client policy information by:
- Logging into an insurer’s portal, or
- Calling the insurer, waiting in the queue, asking the insurer to look up information
- Call the client back.
Did you know? API Stands for “Application Programming Interface”. It’s a window into someone’s system. It connects different devices and applications to allow us to do a transaction. A software intermediary allows two applications to talk to each other.
INNOTECH’s solution will standardize a set of API specifications to let insurers easily implement and structure their data model to give brokers real-time information. Sample inquiry API use cases are:
- Insured details
- Policy Information
- Vehicle information
- Financing details
- API Security
Standard APIs require a standard security practice, too. This will authorize and authenticate users.
The INNOTECH Committee is defining requirements for securing information during data exchange between insurers, brokers and vendors using standardized APIs.
The API Security Working Group focuses on mitigating the unique vulnerabilities and security risks of APIs. The team is also looking to define the requirements for a security model. Lastly, they’ll create security implementation guidelines, to smooth the way for API Standards.
This seamless data exchange between insurer and broker system will pave the way and enable secure real-time functionality, reduce friction and optimize data interoperability.