Commercial Exchange

Canadian commercial brokers are about to take a huge step forward on the path towards real-time data exchange between broker management systems and carrier back-end systems.

At the time of writing, the Toronto Insurance Conference (TIC), a non-profit organization representing 25 full or associate member commercial brokerages across Canada, is poised to announce a proof of concept testing a real-time data exchange between a commercial lines brokerage and insurers.

This would be the second major announcement this year regarding a real-time data data exchange between brokers and carriers. The first, in August, announced the Broker Connectivity Accelerator project.

The Broker Connectivity Accelerator project has a more general scope than the commercial lines focus of the TIC project. The accelerator project standardizes the way insurance brokers send transactions to insurance companies and receive complete responses in real time. In addition to beginning and ending transactions in the broker management system (BMS), the accelerator enables data to flow between systems electronically, without manual intervention or portal connections, in real time.

Read the full article in the Digital Edition of the December 2017 Canadian Underwriter.

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