Earlier this month, CSIO announced an initiative to create a working group to advance the implementation of data standards in commercial lines (here's the press release). Why is this important?
If you're a broker who believes in the power of a digitally connected distribution channel (like the one envisioned by IBAO through APIs) then standardized, machinable data is the key. This is especially true in commercial lines.
What can you do as a broker? Start thinking about your commercial lines operation from a data standpoint. Conduct a data audit by asking questions like:
What data is your team collecting for each commercial customer?
What data is your team collecting for each policy?
Where is the information being stored?
Is your team using pre-defined data fields or do they have the ability to create their own descriptions?
Here's a real quick test: if your commercial team is copying & pasting data between systems, like your BMS and Word/Excel, you're already behind in the connectivity race. Any data that is stored in Word and Excel is effectively trapped in those documents.
We believe in the power of a digitally connected broker distribution channel. APIs are essential to connecting all players in this model. And standardized data is the key to making this happen.
The more we move towards collecting and using standardized, machinable data, the more value will be created for everyone.
Analytics for principals
Commercially focused brokers need to know what's happening with their book. We've developed an analytics eBook roadmap to help.