Real-Time Connectivity « Toronto Insurance Council (TIC)

Background

In 2017, the TIC re-ignited a technology revolution for the Canadian property and casualty insurance industry through its first-notice-of-loss (FNOL) proof-of-concept project.

In 2018, this proof-of-concept was showcased and the TIC demonstrated to the entire industry that real-time connectivity and collaboration was possible and could deliver the customer experience and operational efficiencies that we desperately need to remain relevant and competitive as brokers.

This initiative was then handed off to IBAC who launched an industry-wide collaboration to operationalize the Data Exchange (DX) principles for real-time industry-wide connectivity.

In 2019, insurers, BMS vendors and the CSIO worked together to create a Reusable Data Services (RDS) Library in order to advance broker-insurer connectivity by enabling the sharing of information between disparate systems.
By September 2019, the first RDS transaction, the TIC’s FNOL, was completed and made available in the CSIO Library for the entire industry to access and use. This marked a significant industry milestone.

“I’m happy to report that 2020 was a watershed year for real-time connectivity,” says TIC’s DX Champion, Michael Loeters. “Working as a key partner within IBAC, we changed our strategy and created the DX Connect Alliance.”

What is the DX Connect Alliance?

The DX Connect Alliance is a consortium of six forward-thinking insurance carriers and 10 technology providers who have agreed to lead the way for the industry.

The result, as of January 2021, has seen more than 20 RDS’s submitted to the CSIO Library, addressing 12 unique transaction types, and an industry-wide roadmap that lays out a clear plan for further development.

This significant leap forward will result in 2021 being the first year that TIC members will see a material step forward in their connectivity capabilities, enabling the development of long-awaited customer experiences and operational efficiencies.

Through TIC’s involvement in the IBAC Technology Committee, we have remained a champion to DX. We are not yet finished. There is still much more work to be done. As brokers, we will need to make a conscious effort to use and adapt these new capabilities into our workflows as they become available.