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APPOINTMENTS
Stephanie Russell
Transatlantic Reinsurance Company (TransRe) is pleased to announce that Stephanie Russell will be the new Chief Agent for Canada, with effect from March 31, 2020.
Stephanie has over 15 years’ of experi- ence in the reinsurance and insurance industry. She joined TransRe in 2015 to lead the local actuarial team and was promoted to Appointed Actuary in 2016. During this time, she has been involved in many aspects of the business opera- tions. Stephanie has a BScE from Queen’s University in Applied Mathematics and Mechanical Engineering. She is a Fellow of the Canadian Institute of Actuaries (FCIA) and a Fellow of the Casualty Ac- tuarial Society (FCAS).
Following Cam MacDonald’s retirement, Stephanie will continue to foster and de- velop TransRe’s relationships within Can- ada’s insurance industry, while providing the best possible service and support. She intends to promote the adoption of new and innovative solutions to help grow the market, and make an important contribution to TransRe’s future success.
The TransRe family thanks Cam for his 30 years of service, and we offer our very best wishes for the future.
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February 2020 | Canadian Underwriter
HANDBOOK
Efficient digital connectivity between brokers and carriers is essential to enhance the core value proposition of the independent broker, which is to provide access to product range, insurer choice, and localized personal advice.
Distribution
Consumers expect choice and transpar- ency in insurance. The presentation of qualified quotes with supporting advice is central to the sales process and broker value proposition. Comparative rating software enables brokers to provide ac- curate quotes in real time to meet con- sumer demand for timely and compre- hensive service.
Real-time comparative rating auto- mates quoting by absorbing rating data from multiple insurance companies di- rectly to the broker’s system. Brokers can pull any needed reports and validate and answer insurer questions, all while presenting clients and prospects the best policy options. Using real-time com- parative rating, brokers showcase the advice and value of working with an in- dependent broker, providing a complete picture of the insurance covers available.
The shift to data-driven processes, like comparative rating, is dependent upon the adoption of data standards. These are efficiently managed and main- tained by the Centre for Study of Insur- ance Operations (CSIO), and provide a consistent basis for collecting and docu- menting policy information.
Without using data standards to pop- ulate industry forms, brokers and insur- ers must resort to inefficient and more expensive ways to respond to different proprietary forms.
CSIO is now driving the industry-wide initiative for data standards in commer- cial lines. It is critical for all stakeholders to adopt industry standards in order to promote further tech innovation.
Servicing
Automated servicing enables insurers to deliver information directly into a brokerage management system and vice versa. Automation enables operational efficiencies and improved productivity for the brokerage and insurer.
The ease of doing business created by automated servicing is critically import- ant in broker operations. For example, single-sign-on with insurers creates a seamless and secure integrated link between the brokerage management system and an insurer’s extended cus- tomer-facing solutions; it also provides direct access to policy and claim files and activities for transactions with insurers.
Through automated servicing based on data standards, brokerages can use digital solutions to meet consumer ex- pectations efficiently. Policyholders, brokers and third parties can send first notice of loss, for example, and receive critical policy and claim-related infor- mation from their insurers, including personal and commercial lines eDocs, liability certificates (eSlips), make claim and billing inquiries, and more. Data drives processes, regardless of how the consumer wants to engage. Using CSIO data standards and digital technology, brokers will have more time to advise, service and sell to clients.
The Data Exchange (D/X) Initiative, driven by the Insurance Brokers Associ- ation of Canada (IBAC)’s working group, is providing a forum for BMS vendors and insurers to collaborate in delivering this vision. This initiative has allowed for the creation of CSIO standard-com-