CLIEDIS data standards provide a consistent way to capture and exchange information electronically.
The use of CLIEDIS data standards supports greater automation in the life and health insurance industry. It reduces development costs for companies sending data and significantly expands the value of the information for the companies and people receiving it. The ability to easily and consistently retrieve and utilize such information supports compliance, simplifies the management process and makes it easier to identify new sales opportunities.
Who benefits from supporting CLIEDIS data standards?
Everyone benefits when companies send information using data standards. Sending timely information in a consistent manner makes good business sense. Companies receiving the data can load it into a system and interpret the information consistently, and rely on it to improve business processes.
If you are a Carrier
You can provide your distribution partners with critical knowledge in a form that is easy to ingest, benefiting your business by:
- Helping your distribution partners to address regulatory compliance, an increasingly serious and time-consuming issue in the industry
- Ensuring your trading partners have up to date records, not out-of-date information or business in their systems that is no longer theirs to maintain
- Identification of new sales opportunities by distributors on your book of business
- Greater business retention by being able to systematically evaluate significant policy and client events, such as pending lapses or forfeitures
- Reduced number of calls and emails to a service centre from distributor offices or advisors seeking up-to-date information
- An easier way for your distributors to conduct business with you
- An improved relationship with your distribution partners
Avoid proprietary formats. Business partners have no patience for receiving data in file formats that cannot be easily viewed in the systems they depend on to run their operations. With standards, you save effort and frustration for everyone involved. The requirements are already defined and your trading partners are ready to ingest it. The benefits far outweigh the costs.
If you are a Distributor
When you receive more usable data from a carrier, you are able to manage your business more efficiently. Your business benefits from:
- The ability to monitor all insurance policy data easily and completely, providing confidence you can meet your compliance obligations
- Efficient resource allocation. Time spent doing manual administration tasks and resources that used to require data entry can now be redeployed elsewhere
- Ability to address issues and time lags in the new business process, speeding up the sales cycle
- A greater understanding of your customers and their complete portfolios, leading to new sales opportunities
- Better support for your advisors
- Being able to maximize functionality available within your agency management systems
- Greater business retention
With CLIEDIS standards in place, you will find it easier and more efficient to conduct business, and satisfy your compliance obligations.
If you are a Vendor
Standards ensure that a system can be built to receive data from many trading partners without custom logic. By supporting CITS standard data feeds, your business benefits from:
- Assurance your customers will have a consistent experience within your system
- Reduced effort needed to ingest the information
- A single set of rules and logic that is used across all trading partners. No need for custom development just to ingest a feed
- Ability for your customers to maximize the capabilities within your system to support their operations because the system is fully populated with information they can depend on
- Opportunities to build enhanced features to support your customers' business processes based on reliable information
CLIEDIS data standards that have been implemented correctly are improving their businesses in real ways through the vendor systems that support them. Supporting CLIEDIS data standards saves you money and gives you a competitive advantage.