CSIO Working Group Publishes Quote & Bind Requirements for Farming Services

CSIO’s Commercial Lines (CL) Working Group Continues to Advance CL Data Standards by Publishing Quote and Bind Requirements for Farming Services

Toronto, ON (Mar. 26, 2024) – CSIO is pleased to announce that the CL Working Group continues to advance CL Data Standards by publishing business requirements to quote and bind another industry segment, farming services. Greenhouses, along with field crops, fruit, and vegetable farms, are some of the businesses included in the farming segment.

With the addition of farming services, there are now a total of eight small business industry segments, covering over 300 IBC codes, with published CL Data Standards. The other small business segments are professional services, contractors, real estate, retail industries, hospitality, health services and warehousing.

The CL Data Standards created by the Working Group allow brokers to exchange data with insurers in a simple, structured format and streamline the quote and bind process by enabling real-time quoting. Brokers report that their average quote response time – from insurers – has decreased from days to an average of just 14 seconds. When insurers and broker management system vendors program the CL Data Standards, they improve the customer experience while saving brokers valuable time and money.

“As one of Canada’s leading farm insurers, we know how important it is to make sure we get fast, accurate and helpful information to our brokers, so they can give great advice to their customers,” said Colette Justa, National Initiatives Manager, Commercial Insurance at The Wawanesa Mutual Insurance Company. “Thanks to the CL Working Group’s continued collaboration, CSIO defined the quote and bind requirements for farming, another important commercial industry sector. This is another milestone in evolving CL Data Standards to meet the needs of our broker partners and their customers.”

The CL Working Group is currently creating quote and bind requirements for Wholesale Services, which will be available in July 2024.

Insurers and vendors:

Download and program the farming requirements included in the latest EDI and XML Standards releases.

Brokers:

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

All CSIO members:

View all the IBC codes by industry that the CL Working Group has incorporated into the CL Data Standards.

About Centre for Study of Insurance Operations (CSIO)

CSIO is Canada’s industry technology association of property and casualty insurers, vendors and over 38,000 brokers. CSIO is committed to driving innovative solutions that enable the best insurance experience in Canada by overseeing the development, implementation, and maintenance of technology Standards and solutions, such as CSIOnet, eDocs, and My Proof of Insurance. In addition, CSIO operates the industry-owned mail network service. For more information, visit www.csio.com.

SOURCE: Centre for Study of Insurance Operations (CSIO)

Tags: Centre for Study of Insurance Operations (CSIO), data standard, Farmers, Quote and Bind, working group