The broker channel of the P & C insurance industry lags other sectors on connectivity. As a result, the channel struggles with process friction & duplication of effort (double entry), resulting in unnecessary expense and a sub-optimal client experience.
IBAC aims to encourage connectivity investment by carriers & broker vendors, as well as broker adoption, by measuring certain important benefits of a truly connected broker channel.
IBAC undertook a process analysis project to investigate a few of the CSIO Innotech 2022 top 10 API priorities. This project focussed on three of that top 10 list – PL Quote, PL policy change and billing amendment. The project team measured & quantified the benefit by examining live broker transactions over a three week period, with a diverse set of broker participants.
