Working Together So Information Can Flow Seamlessly Through All Stakeholders
The apprehension to be the first mover or first adopter is being overcome by a community process of development that promises a major move forward in reducing roadblocks and inefficiencies in the quote and bind process.
IVANS has brought together insurers and agents from across the industry in a working group that will test IVANS’ new Insurance Procurement Process. The process begins with an online market search integrated into the agency management system. Once the agent has found insurers with an appetite for the particular risk, the agent sends the customer digital forms that are pre-filled by the agency management system and seeks verification and completion.
The completed application and supplemental documents are digitally submitted to the insurers. Data and documents are ingested into insurer systems to begin the underwriting process. Insurers are able to communicate back to agents regarding questions and submission status updates via application programming interface (API), and all submission analytics are tracked in graphical dashboards. Once the policy is issued, the insurer electronically sends the policy and DEC pages directly to the agency management system, and they are pushed to the customer portal.
CalNonprofits Insurance Services is one of the agencies in the working group focused on remedying the commercial lines submissions process. “We’re really excited about the future ability to push our submissions digitally to our insurers,” says Colleen Lazanich, CEO of CalNonprofits Insurance Services. “It will help us get to market faster, improve our agency productivity and reduce our E&O exposure.”
So why hasn’t this been done before?