E-Docs helps slice through red tape
Rick Orr of Orr Insurance Brokers and Darryl May of KTX Insurance Brokers discuss how a new tech innovation called E-Docs can smooth electronic data transactions between brokers and insurers.
Video transcript below:
David Gambrill: A lot of red tape surrounds brokers interactions with insurers and Edocs promises to be a welcome pair of scissors. I am David Gambrill, welcome to Insurance Business TV.
A lot of interactions occur between brokers and insurers before the consumer gets the policy and Edocs promises to improve these communications.
Rick Orr – Orr Insurance Brokers Inc.
Rick Orr: Edocs was the development of a CSIO industry standard that developed the framework for an insurance company to be able to download an electronic document to the Insurance broker management system. So what happens is when a broker gets a daily download of the data for the auto application or property application, they also get a pdf of the policy downloaded and automatically attached to refer to their client within their Broker Management System.
David Gambrill: Since Edocs allows the Broker Management System to communicate directly with the insurer, brokers save a lot of time, because they don’t have to rekey data.
Darryl May – KTX Insurance Brokers Ltd.
Darryl May: No longer will brokers have to manually paper file or scan documents such as memos, claim notices or transactional policy items and brokers are really excited about this. Because the typical policy enquiry and the old processes may take 5 minutes for you to build the documents or access a broker portal, the same enquiry will take 1 to 2 minutes because that information will be instantly on hand for the broker.
David Gambrill: Saving time means saving money. Brokers estimate that Edocs could save them upto $150 million a year in Ontario alone. I am David Gambrill, thank you for watching Insurance Business TV.