The Connected Business of Insurance
January 03, 2017
Connectivity between agencies and insurers is not only valuable to the growth of your agency, it is critical. The ability to communicate and exchange information securely from insurer systems directly to your agency management system enhances your core value proposition as an independent agent in serving as a trusted advisor to clients.
There has been exponential growth in insurer-agency information exchange over the past couple of years. In fact, IVANS managed over 142 million transactions of policy, quote and market related information in 2016. This explosive growth is driven by the significant time-saving benefits agents see from leveraging insurer connectivity technology.
Transaction growth from 2014 to 2016 included:
- 29% – Increase in Commercial Lines download transactions
- 95% – Increase in Claims download transactions
- 323% – Increase in eDocs & Messages transactions
Insurer connectivity technology provides your agency with a single workflow for information exchange, reducing manual processes and allowing you to deliver faster, more complete service to your insureds. These automated workflows eliminate time spent on daily manual administrative tasks, including searching for quotes, policy information and appetite on multiple websites or using outdated paper guides.
Ultimately, automating connectivity is critical to the core value proposition of the independent agent – providing the best products and advice to your clients. Therefore maximizing your insurer connection opportunities is key. By using applications to increase insurer connectivity like IVANS Exchange – an online tool for viewing and managing insurer and MGA download connections on demand – you can easily identify which download connections are available, inactive or not turned on.
The 2017 release of IVANS Exchange continues to foster ease of doing business and drive growth opportunities with new automated connections notifications and usability enhancements. You can now automatically receive your connections report, including updates to download connections opportunities and activity, via email, promoting immediate action to begin managing these downloads. You can also gain additional feedback options to ensure download connection requests accurately reflect your agency’s business activities or needs, as well as access insurer contact details.
Insurer connectivity is rapidly changing the landscape of the insurance industry for the better. Connectivity technology like IVANS Exchange creates more streamlined processes while driving more insurer connections to drive higher agent productivity and better service for insureds.
Paul Warga is the Vice President of Product Management for IVANS Insurance Solutions, a division of Applied Systems. Paul has a wide variety of leadership experience on implementing solutions for business and technical issues across software and web-based products, using effective development methodologies.