IBAO supports the recent SGI Canada, Mastercom and Zycomp initiative that successfully completed a download transaction providing a no-touch inclusion of the declaration (Dec) page attachment.
IBAO is encouraging all remaining insurance companies to follow SGI Canada’s lead.
As our brokers are well aware, a declaration (Dec) page is a form that describes a person’s insurance coverage, usually be found as a cover page of their policy. Transmitting these attachments to and from the brokerage to the insurance company is a requirement in the Property and Casualty insurance industry; however, the method to which these attachments had been handled in the past was long outdated.
SGI Canada, Mastercom and Zycomp have introduced a technology that allows the Dec page attachments to be seamlessly and electronically transmitted with no broker intervention. A CSIO standard developed for such attachments was released in June 2010.
IBAO CEO Randy Caroll added, “This advancement in technology is ground breaking and needs to be adopted as an industry standard by all insurers. As our insurers look for ways to modernize workflows and cut cost, it is imperative that the brokerage workflow is not overlooked and those same savings are bourn by the distribution channel.”
In their original media release, Steve Zylak, President of Zycomp mentioned that “Using the same CSIO standard, Zycomp has also developed the ability to automatically attach a PDF image of the Quote Summary/Quote Detail to the customer file as part of the quoting integration within their system.”
If you are interested in reading more, visit SGI Canada, Mastercom and Zycomp’s original news release HERE.