Commercial Lines Working Group finalizes requirements to quote and bind small business real estate

CSIO’s Commercial Lines (CL) Working Group further strengthens CL Data Standards by finalizing the requirements to quote and bind small business real estate

Toronto, ON (Nov. 16, 2022) – CSIO’s Commercial Lines (CL) Working group has achieved another milestone in finalizing the requirements to quote and bind small business real estate. The Working Group has now reached industry consensus on the common data set, and streamlined the real-time quote and bind data exchange for four small business segments. This includes contractors, retailers, business and professional services, and now real estate.

The CL Data Standards created by the Working Group automate small business commercial quotes, facilitating delivery in minutes, not days, thereby improving the customer experience while saving brokers time and money. Once insurers and vendors program the Data Standards into their systems, insurer systems will be able to exchange data in an accurate, cost-effective format with broker management systems (BMS).

“The Working Group built the business requirements with the goal of streamlining the broker’s process and in turn, improving the insured’s experience,” said Natasha Joyal, Senior Director, Development at Vertafore Canada. “Supporting workflow efficiencies and improving the speed of information exchange by standardizing the questions required for quoting enables the Working Group to keep elevating the value they provide to brokers and their customers.”

“I am very proud of all the ways the CL Working Group enhanced small commercial lines business in the last several years,” said Amy Martin, Head of Underwriting, Ontario Small Business at Aviva Canada. “Small business real estate quote and bind requirements are just the latest example of how we continuously advance the broker channel through collaborative innovation.”

CSIO will publish the real estate requirements as part of their next standards release in early 2023. The Working Group will continue work on defining requirements for other small business segments, with hospitality being next on their priority list. In the meantime, insurers and vendors can learn how to program, and obtain certification, for the existing CL Data Standards by visiting the CSIO website.

Brokers can find out how much time the CL Data Standards can save them by checking out CSIO’s Commercial Lines Real-Time Quote Savings Calculator.

About Centre for Study of Insurance Operations (CSIO)

CSIO is Canada’s industry 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 My Proof of Insurance, eDocs, and eSignatures. In addition, CSIO operates the industry-owned mail network service, CSIOnet. For more information, visit www.csio.com.

About Vertafore

As North America’s InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore’s solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers. For more information, visit www.vertafore.com or www.vertafore.ca.

SOURCE: Centre for Study of Insurance Operations (CSIO)

Tags: Centre for Study of Insurance Operations (CSIO), commercial lines, data standard, Quote and Bind, real estate, small business, Vertafore, working group