The organization has released the results of a survey on satisfaction with eDocs
Tessie Sanci, Associate Editor on October 11, 2017
A survey by the Centre for Study of Insurance Operations (CSIO) finds that the vast majority (85%) of respondents is satisfied or very satisfied with their eDocs experience but is looking for significant improvements in the area of commercial eDocs.The survey was distributed to individual brokerages, carriers and vendors this past summer and the results are based on the opinions of close to 300 respondents.
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One element of the survey focused on the availability of commercial eDocs. Many respondents want commercial eDocs to cover more areas such as fleet and garage automobile, package and property.
Virtually all (96%) of the respondents agree that a system specifically for the downloading of commercial eDocs, like the EDI standards system for personal lines eDocs, would improve efficiency.
Canadian carriers haven’t adopted the XML standard required for the downloading of commercial eDocs though some carriers are working on implementing this, according to Monica Hanna, business analyst at CSIO, who spoke to Canadian Insurance Top Broker. Hanna was unable to name those carriers.
CSIO notes that there is an opportunity to further increase eDoc use as 20% of respondents who receive eDocs are not set up to do so with all available carriers.
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This could be an opportunity for carriers to communicate their full library of eDoc options to brokers who may simply be unaware, said Hanna, who believes that eDocs benefit both sides.
“From a carriers’ perspective, they’re saving costs on paper, postage, sending the documents through,” Hanna explained. “From a broker’s perspective, they’re becoming paperless and it’s saving them time and money as well.”
Survey participants said other key enhancements should include:
receiving access to the insured copy’s of the policy
having all policy documents sent as eDocs including cancellation and reinstatements, first notice of loss, underwriting memos, billing statements and lienholder copy
CSIO says it has taken action on another improvement suggested by respondents, who wanted a standard method of naming eDocs.
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“Based on survey feedback, CSIO has updated its eDocs implementation guide for carriers to address this practice, including that the eDoc description contain [at minimum] the following three fields: document type, customer name and policy number,” states CSIO in its publication of the results.
The benefits of eDocs, according to most survey participants, include the use of less paper, savings of time and costs and increased broker productivity.
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