Transcript Title Goes Here - Insurance

ORBiT
Ontario Real-Time Brokers in Transition
Presenters:
Wendy Watson, The
Precept Group
Paul Taylor, IBAO
Scott Wagler, Josslin
Insurance
February 23rd, 2009
Toronto, Marriott Eaton
Centre Hotel
“Leadership: The Business - IT Imperative”
Introducing ORBiT
ORBiT is a committee of:
Brokers
Vendors
Companies
CSIO – Standards
PARTNERS FOR THE FUTURE
Why Our Industry Needs ORBiT
Broker Findings
 Decreased Revenue
 Decreased PIF
 Meeting client
expectations
 Increasing HR issues
 Keeping up with
change
Company Findings
 Negative impact of
distribution changes
 Decline in Revenue
 Keeping technology
current
 Drop in PIF
 HR issues
 Diminished profitability
Why our Industry Needs ORBiT
Brokers need to:
 Get the tools &
resources to do the job
 Train staff to be proactive
 Create a sales culture
 Embrace change
 Invest in technology for
improved productivity
Companies need to:
 Invest in technology
 Embrace change
 Better training for staff
 Foster a sales culture
Why ORBiT Committee Exists
1.
2.
3.
4.
Educate brokers on Real Time with information on what tools
are available so they can make an educated decision on how
to improve their workflows
Focus our industry on workflow issues to help the broker
channel remain profitable in an environment where we are
losing market share
Identify bottlenecks in typical insurance transaction
workflows and develop priorities to remedy the bottlenecks
Help BMS’s, vendors and companies put technology together
with the most efficient workflows
The Common Message


It’s about workflows, not technology
Workflows have to be simplified
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–
–
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once and done
Ease of doing business
Superior customer service
CSIO standards are key to quality data
Need to do a better job of managing change
ORBiT Goals

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To educate Ontario brokers and companies on Real Time
workflows
To work with our industry partners to implement Real Time
workflows and solutions to improve efficiencies, improve
service levels, reduce costs and improve profitability and
increase sales for all concerned
To facilitate more open communication between brokers,
BMS, vendors and Insurance company partners
To create a forum to speak with a unified broker voice
To work with CSIO to continually improve standards for all
lines of business
ORBiT Core Values
Of common purpose is the essence of ORBIT.
 It is about workflows, not technology, so members are required
to check their system at the door, to be able to keep an open
mind to improve Real Time for the industry.
 We will not put one BMS/Vendor ahead of another.
 All recommendations for Real Time workflows must be SEMCI
(single entry multi-company interface)
 All transactions follow CSIO standards, including the data
format standard and the data transport standard
 All transactions must start and end in the heart of the
brokerage, the BMS
ORBiT Working Groups
1.
2.
3.
4.
5.
6.
7.
8.
Minimize password management
Real Time payments
Real Time inquiry for billing, policy and claims, with
a return document
Clean download
Renewal PDF downloads
Underwriting approval and binding
Media and Education
Commercial Lines
ORBiT Working Group Members
• at least five (5) brokers from each BMS; one per work
group
• CSIO
• All major BMS’s
• Vendors working between carriers and BMS
• Insurance companies
• IBAC
• IBAO
WII-FM?



Win the competition for producer mindshare
Free up underwriters to underwrite
Survey results of local brokerage
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–
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24 seconds RT inquiry
123 seconds (2 minutes) via website
240 seconds (8 minutes) via phone
ORBiT Membership Still Open
Brokers
 PowerBroker users
 CSSI users
 CIM-Data users
The Big Three: Can They Build a Car
Together?


GM, Ford, Chrysler are asked to build a
vehicle following strict consumer
requirements and industry standards.
Criteria:
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–
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Must follow industry emission standards
Must follow minimum height standards
Must meet minimum fuel efficiency standards
Must follow minimum safety standards
Must meet minimum capacity standards
Independently…
Each company built a product on
the standards they believed the
consumer requested
Each vehicle meets the
standards required, but at
different levels and priorities.
Humpty Dumpty ............
We now have a vehicle that meets safety standards, emission
standards, height standards, fuel efficiency standards and capacity
standards, however…..
The vehicle can’t be put together!
Working Together
When all three companies agree on the standards and criteria, the
industry can build a product:
•the consumer wants
•that fits together
Achieving Goals and Visions Through
Collaboration
Real-Time Tech
schema
entity
codes
Partnership
aggregate
Company
messag
e
Product
s
xPath
Company
Vendo
r
eleme
nt
XML
CSI
O
CSR
CSI
O
Broker
Vendor
System
s
Real Time Workflows in Acton

We demonstrated Real Time workflows
currently in use for Applied Systems, SigXP
and PowerBroker. Please visit each vendors
website for a sample of what they can do.
Real Time Workflows in Action
CSIO Standard XML New Business with
Custom Software Solutions Inc. and Aviva
follows:
The CSIO Insurance Application
Send Data to Insurance Company
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New Policy
Change Request
Cancellation
Reinstatement
I-Biz Broker
I-Biz Company
The Broker uses
I-Biz (Full Business-toBusiness Electronic
Data Exchange) to send
edited and underwritten
application risk data
electronically to the
Carrier Insurance
Company.
Receive Data from Insurance Company
I-Biz Broker
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
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
I-Biz Company
New Policy
Change Request
Cancellation
Reinstatement
Renewal
With I-Biz, the
processed policy
data then flows
electronically
from the Carrier
Insurance
Company back to
the Broker’s
office.
Policy Details
Automatic Management-System Updates
TBW Integrated
Management System
I-Biz Broker
I-Biz Company
3rd Party Broker
Management System
Whether the Broker is using The Broker’s Workstation or a
third-party Broker Management System, the processed policy data can,
using CSIO download, automatically update the Broker’s client
management, accounting, and billing systems.
Finalize Business with Client
Client
I-Biz Broker
Policy business is
finalized with Client
The Broker completes the full transaction with the Client
and, if the Company allows, can provide the Client with a
copy of the new policy documents.
Questions?