The Ontario Broker - October 2019 - 23

CSIO ANNOUNCED THE CREATION
OF THE INNOTECH COMMITTEE
THIS SUMMER. HOW WILL
THE COMMITTEE FULFILL ITS
MANDATE?

INNOTECH will play a pivotal role in
evaluating the application of existing or new
technology and digital innovation in the P&C
insurance industry. Its recommendations
will help CSIO evaluate and promote any
technology implementations that are found
to be beneficial to customers, while also
helping to remove friction and cost from
the insurance value chain. Through the
use of fact-based research and analysis,
the Committee will identify opportunities
that are believed to solve shared business
problems, have the highest likelihood of
success and the broadest benefits to the
industry and end consumers.
WHO'S PARTICIPATING ON THE
COMMITTEE?

We have broad-based representation from
CSIO's industry partners. These Committee
members are industry leaders and technical
experts who bring a range of expertise and
knowledge that's invaluable to the P&C
insurance industry and its customers. Brokers
are integral to the efforts of the Committee:
broker representatives will be identified
from across the country to bring the brokers'
perspective to the work that the Committee is
tasked to deliver.
WOULD THAT INCLUDE
REPRESENTATIVES FROM
COMPETING ORGANIZATIONS?
IF SO, HOW WILL THEY WORK
TOGETHER COHESIVELY?

Through previous CSIO initiatives, we've
found that the best way forward is to work
collaboratively with our industry partners
to solve common pain points. The first step
is to reach a consensus that the problems we
identify are broadly shared among industry

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stakeholders, and that any proposed solution
wouldn't be to the benefit of any single
member company.
Partnering with a competitor to share skills
and information reflects the commitment
of those participants to provide the best
possible outcome for the industry and its
customers. Working with competitors is
not a new concept. In fact, we don't need
to look further than one of our own recent
successes, the 2018 launch of the My Proof
of Insurance solution. Together with our
partner companies we built an industry
solution that allows both brokers and insurers
to digitally deliver auto liability cards and
policy documents for their customers. All
of this work came together quickly and
allowed brokers to be ready when provincial
regulators approved eSlips. It's rare to
see such agility and speed to market. This
tremendous success speaks to what can be
accomplished when insurers, vendors and
brokers all work together for the benefit of
the end consumer.
HOW WILL THE COMMITTEE'S
RECOMMENDATIONS AND
FINDINGS SPECIFICALLY BENEFIT
BROKERS AND THEIR CUSTOMERS?

In an environment of ever-evolving
technology and digital innovation it's both
challenging and costly for the insurance
industry to remain competitive. In an
environment where new technology start-ups
and established technology giants like Apple
or Amazon also seek break-in opportunities
in the industry, it's time to rethink our
existing processes, structures and the way in
which we interact with customers.
Through INNOTECH's recommendations
and the evaluation of potential
opportunities, the end goal is to make
it easier for brokers to do business with
their customers. At the same time, the

23

IN AN ENVIRONMENT
WHERE NEW
TECHNOLOGY
STARTUPS AND
ESTABLISHED
TECHNOLOGY GIANTS
SEEK BREAK-IN
OPPORTUNITIES IN
THE INDUSTRY, IT'S
TIME TO RETHINK OUR
EXISTING PROCESSES,
STRUCTURES AND THE
WAY WE INTERACT
WITH CUSTOMERS.

Committee's work will aid brokers to
make more productive use of technology
and help them move away from manual
work that doesn't add value to the client
relationship. For example, the improvement
or solution may come in the form of
streamlining workflows, enabling real-time
data exchange or cleaner data for richer
client insights.
WHAT'S INNOTECH'S FIRST
PRIORITY?

CSIO and INNOTECH have agreed that
their mandate of identifying business
problems and sources of operational friction
should start with the important step of
mapping specific customer journeys for
various business transactions. We're excited
about the many opportunities INNOTECH
will deliver to make a difference for brokers,
insurers and customers alike. We anticipate
that over the coming months, our work
will make valuable contributions in helping
brokers and insurers not only remain
competitive, but also enhance their ability
to improve their customers' experiences. We
look forward to taking the industry on this
transformational journey.

OCTOBER 2019
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The Ontario Broker - October 2019

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