The Connected Business of Insurance
December 12, 2016
The world is becoming more digital and the insurance industry is no different. Consumers are demanding real-time customer service from their insurance providers. Consumer demand, along with the need for greater ease of doing business and a more diverse product range, has pushed agencies to demand increased connectivity from their insurers. In fact, more than 80% of agents recently surveyed by IVANS found the availability of automated insurer connectivity to be very important when selecting insurers to do business with.
To substantiate agent demand for increased connectivity to insurers, IVANS surveyed more than 1,700 insurance agents across the U.S. on their use of insurer connectivity and market search tools. Agents were asked a series of questions about why they prefer agent-insurer connectivity and how it affects their businesses. Below are some key insurer connectivity trends identified in the survey.
|65%||of agents currently receive eDocs & Messages download|
|58%||of agents not currently receiving eDocs & Messages download want to receive it|
Agents leverage eDocs & Messages download to receive policy, billing and claims documents and information directly into the policy or client file within their agency management system. Because eDocs & Messages download keeps agents informed of the latest client information, agents are empowered to deliver superior customer service. By providing automated communications, insurers have the opportunity to create better working relationships with their agents.
|79%||of agents surveyed save at least 1 hour per day using eDocs & Messages download|
The use of eDocs & Messages download reduces time spent duplicating data entry into multiple systems. Rather than pulling and attaching client information from individual insurer sites, you can leverage this download transaction to provide fast and easy access to critical client information. These time savings enable you to focus more on sales and servicing and less on manual administrative tasks.
|48%||of agents currently receive Claims download|
|65%||of agents not currently receiving Claims download want to receive it|
Agents leverage Claims download for secure transmission of claim adjustment and settlement information directly from insurers. When insurers offer Claims download, they not only improve agent working relationships, but also save time in automating messages and updates to their agency partners.
|43%||of agents surveyed save at least 1 hour per day with Claims download|
When agents use Claims download from insurers, they save time by streamlining communications. Claims download allows agents to track activity for individual claims, including claim number, adjuster assignment or notes, payments and closure of the claim.
|71%||of agents surveyed admitted to having missed opportunities to place business because they could not find or access a market that would quote the risk|
Providing greater visibility into current appetite creates significant opportunity for insurers to increase in-appetite submissions with agencies. Insurers can then drive premium growth and foster stronger agency relationships.
|47%||of agents feel that being able to easily find insurers for Commercial Lines business would enable them to deliver the best quotes possible to prospects and clients|
Agents look to place risks with the optimal insurer with the best product so they can provide enhanced service to their insureds. Insurers who automate these communications for agencies will grow their agency relationships, drive qualified submissions and ultimately grow their businesses.
A significant opportunity exists for insurers who automate information exchange and appetite communications with agencies. Demand for greater insurer connectivity continues to rise because agents want to provide the best products and advice to their customers while maximizing productivity. Insurers can build stronger agency relationships as well as save significant time and money by using download connectivity and market search tools to communicate their appetite to agencies.
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.