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Canadian insurance brokers are not taking full advantage of BMS

According to Steve Whitelaw (pictured), Vice President and General Manager of Canada at Applied Systems, one obstacle that prevents securities firms from using BMS to submit commercial lines is the “lack of standardization” of commercial line space.

“Commercial lines are more complex business lines than personal lines,” he said. “Some of the commercial lines are small businesses such as contractors, retailers, businesses, and professional services. Premiums are equal to or less than what some people pay for homeowner insurance. There are medium-sized markets and large enterprises, complex businesses.

“Traditionally, it’s all treated the same. Brokers send submissions to carriers, which can be emailed or previously faxed, and each carrier submits them. It has its own different way of documenting things, so it is not standardized within the commercial line space. “

Read next: Canadian brokers lay the groundwork with digitalization

To address this lack of standardization, Applied works closely with the Insurance Business Research Center (CSIO) to submit and estimate insurance for small businesses – between brokers and insurance company systems.

According to Whitelaw, these standardized APIs provide more fluid information delivery and a “much better experience for customers.” This is because the broker can focus on providing a large number of quotes in real time and providing the best advice to the client. Fits coverage.

“When scaling up to medium and large companies, it’s important to have a standard process for brokers,” he said. Insurance business.. “They may need to collect more data or different data, but submissions are done over a digital connection or via email. The submission process should look the same regardless of whether it is done or not, and the form used for it must be the same.

“We’re really talking about data-driven processes, not form-based processes. If we could use data to drive the process, it would be more efficient within the broker’s office, and carriers would do that. You can receive the data, recognize that the data is complete, recognize that the data is good, and finally apply automation. They route the email to the underwriter to confirm the submission. In other cases, you can apply automation and intelligence to streamline your own processes.

“We are at a stage of change in the industry in terms of how we are trying to achieve efficiency. [commercial lines] Submissions increase more directly and can come directly from BMS. “

read more: The next steps in industry API standardization will be revealed

Applied describes BMS as “an essential tool to help intermediaries manage customer relationships, manage policies and benefits, automate sales, process accounting, and manage documents.” This international company is developing systems that allow the submission of standardized commercial lines and is increasing their capabilities to enable real-time quotations.

The next step for the Applied and P & C insurance industry as a whole is for all major stakeholders (insurers, brokers, vendors) to agree on standards. According to Whitelaw, that’s where “connectivity partnerships” really work.

Canadian insurance brokers are not taking full advantage of BMS

Source link Canadian insurance brokers are not taking full advantage of BMS

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