The Ontario Broker - June 2018 - 16

CONNECTING
FOR
CONSUMERS
JEFF TOTH, MARKETING & COMMUNICATIONS COORDINATOR, IBAO

T

o say it was the Ontario Insurance
Industry's equivalent of the World
Economic Forum would be an
exaggeration, but not by much. The
60 seat boardroom was at capacity. Top-level
executives from 18 leading insurers, all major
Broker Management System vendors, thirdparty technology vendors, the Insurance Brokers
Association of Canada and CSIO sat shoulder-toshoulder in the name of cooperation. They had all
come to hear the IBAO's presentation on an industry
solution to data connectivity - a simple sounding
term for what has been a complicated problem.

Over the past year, we've tasked our Technology
Committee to help us create a plan that overcomes
this industry-wide barrier. It has required in-depth
research with industry stakeholders, consultations
with technology experts and a rigorous feasibility
study. The solution: a centralized data translation
service or services that would allow brokers
and insurers to connect, facilitating real-time
transactions.

GAINING THIS INDUSTRYWIDE SUPPORT IS AN
IMPORTANT STEP IN
MOVING TOWARDS AN
INDUSTRY-WIDE SOLUTION.

The presentation - led by Colin, Traci and
Technology Committee members Adam Mitchell,
Rick Orr and Jeff Roy - was part of a larger
discussion to coordinate efforts with industry
leaders and reach consensus on a path forward.
Colin walked the crowd through the intricacies and
ramifications of the problem using the analogy of
how high-occupancy vehicle lanes on highways
make traffic more efficient. In describing the
proposed solution, he explained how it would
benefit all parties.

"This is a pivotal time in our industry," said IBAO
Chair Traci Boland, in her opening statement.
"In order for us to reduce the risk of outside
competition, tangible progress on consumer
service capability through the broker network must
be made - now."

JUNE 2018

"You're all here because you support the broker
network," said IBAO CEO Colin Simpson. "We
need to enrich the consumer experience - this is
how we get there, together."

There is precedent for competitors working
together on a shared technology - banks

16

developing the cheque clearing system for example.
Colin polled the crowd: "Would anybody here not
use this solution if it was built?" It became clear that
no one intended to raise their hand.
After gathering feedback, Colin asked for the room's
participation: "We're a not-for-profit, not a tech
company. We need to get you around the table."
Rick added, "We need a broad spectrum on our
committee."
Over the next two months, the IBAO will form a
committee of industry stakeholders to determine
the scope and viability of the project, including
future governance structure. Then in September,
the committee will decide whether or not to
commence with the next phase of the project.
"Gaining this industry-wide support is an important
step in moving towards an industry-wide solution,"
said Colin.
With industry stakeholders in alignment on the
issue and a potential solution on the table, some of
the most difficult work is complete. The combined
expertise and resources of all involved will help us
achieve the modern data connectivity necessary to
better serve our customers.

WWW.IBAO.ORG


http://WWW.IBAO.ORG

Table of Contents for the Digital Edition of The Ontario Broker - June 2018

In This Issue
The Ontario Broker - June 2018 - Cover1
The Ontario Broker - June 2018 - Cover2
The Ontario Broker - June 2018 - 3
The Ontario Broker - June 2018 - 4
The Ontario Broker - June 2018 - In This Issue
The Ontario Broker - June 2018 - 6
The Ontario Broker - June 2018 - 7
The Ontario Broker - June 2018 - 8
The Ontario Broker - June 2018 - 9
The Ontario Broker - June 2018 - 10
The Ontario Broker - June 2018 - 11
The Ontario Broker - June 2018 - 12
The Ontario Broker - June 2018 - 13
The Ontario Broker - June 2018 - 14
The Ontario Broker - June 2018 - 15
The Ontario Broker - June 2018 - 16
The Ontario Broker - June 2018 - 17
The Ontario Broker - June 2018 - 18
The Ontario Broker - June 2018 - 19
The Ontario Broker - June 2018 - 20
The Ontario Broker - June 2018 - 21
The Ontario Broker - June 2018 - 22
The Ontario Broker - June 2018 - 23
The Ontario Broker - June 2018 - 24
The Ontario Broker - June 2018 - 25
The Ontario Broker - June 2018 - 26
The Ontario Broker - June 2018 - 27
The Ontario Broker - June 2018 - 28
The Ontario Broker - June 2018 - 29
The Ontario Broker - June 2018 - 30
The Ontario Broker - June 2018 - 31
The Ontario Broker - June 2018 - 32
The Ontario Broker - June 2018 - 33
The Ontario Broker - June 2018 - 34
The Ontario Broker - June 2018 - 35
The Ontario Broker - June 2018 - 36
The Ontario Broker - June 2018 - 37
The Ontario Broker - June 2018 - 38
The Ontario Broker - June 2018 - 39
The Ontario Broker - June 2018 - 40
The Ontario Broker - June 2018 - 41
The Ontario Broker - June 2018 - 42
The Ontario Broker - June 2018 - 43
The Ontario Broker - June 2018 - 44
The Ontario Broker - June 2018 - 45
The Ontario Broker - June 2018 - 46
The Ontario Broker - June 2018 - Cover3
The Ontario Broker - June 2018 - Cover4
https://www.nxtbookmedia.com