Keal Technology, software provider for Canadian insurance brokers, has announced that as of May 14, 2012, its Centre of the Study of Insurance Operations (CSIO) electronic document (eDoc) in CSIO XML format will be available to brokers.
Keal is currently working with CSIO and three insurers on the eDoc project and are welcoming other insurers to participate. Keal brokers will have the ability to download, via the CSIO EDI process, the requested policy documents and automatically attach them to activities and policies within their BMS sigXP, without any human intervention. This functionality will be delivered to brokers with at least one insurer by the third quarter of 2012. Initially, Keal said it will accept any available electronic communication from the insurer, such as policy declaration documents, loss notices and cancellation notices.
“At Keal, it is our vision to work with all stakeholders be it brokers, insurers, the Insurance Brokers Association of Ontario (IBAO), the Insurance Brokers Association of Canada (IBAC) and CSIO for the benefit of our mutual broker clients,” said Keal President Pat Durepos in a statement. “The more efficient brokers become, the better they will be equipped to decrease their expenses and thus increase their market share.”
“eDoc was identified as a priority by brokers in October 2011 at the Association’s Annual Convention where brokers overwhelmingly advocated for standardized solutions over proprietary ones. Since October, CSIO, carriers and Broker Management Software (BMS) vendors, such as Keal, have made a collaborative effort and as a result CSIO released the much anticipated XML standard on March 1st,” said Catherine Smola, president of CSIO.
Rick Orr, president of the IBAO added “IBAO is delighted to hear the news of Keal’s release of their eDoc XML solution only three months after they made a public commitment to delivering it. This reaffirms our belief that when stakeholders are properly aligned we can work together to bring innovative solutions that drive real efficiencies into our channel. The savings for both brokers and carriers will allow us to better compete in years to come and the workflow efficiencies will allow brokers to better serve consumers.”