On a daily basis, there are new stories commenting on technology’s impact on our world. Technology is redefining communications, evolving business and upstarting new economies. The insurance industry, too, is in the midst of a digital transformation, driven by consumer demand and an injection of innovation.
At IVANS, we firmly believe that digital transformation brings opportunity. For more than 30 years, IVANS has provided the core connectivity that automates information exchange between agencies, MGAs and insurers to ensure the latest policy information is available for servicing throughout the insurance lifecycle. Year-over-year, agency demand for increased insurer interface continues to grow, with a 41% increase of established agency-insurer connections since 2012.
The continued growth of IVANS has built the largest digital distribution network of more than 32,000 agencies and 400 MGAs and insurers. This network has enabled IVANS to deliver first-to-market innovation for insurers and agencies to identify new distribution opportunities and automate servicing. These innovations are enabling key stakeholders to market, distribute and service insurance products through a single exchange never experienced before in the industry.
IVANS provides insurers an industry-first search engine to identify new business opportunities with agencies. Insurers can create a list of target agencies based on a broad search by industry code, line of business or location to drive more effective discussions with their agency partners and prospects. Additionally, IVANS allows insurers to directly communicate current appetite to agencies, expanding marketing capabilities to direct more in-appetite submissions.
IVANS also increases agencies’ visibility and access to markets for new and renewal business submission. Agents gain data-driven market insights to review the latest premium renewal rate change trends across the most placed commercial lines of business.
Omnichannel distribution strategies
To thrive in our industry’s digital transformation, businesses requires an omnichannel distribution and service model built on foundational connectivity technology to deliver greater value for partners and insureds and drive the most profitable business opportunities.