Survey indicates increased demand for greater connectivity across the distribution channel to increase transparency and value for all stakeholders
TAMPA, Fla., Feb. 16, 2021 (GLOBE NEWSWIRE) -- IVANS®, a division of Applied Systems®, today announced the findings of its annual agency-insurer connectivity report. The report, 2020 Digital Connectivity Technology Adoption Survey: 6 Key Trends, highlights responses from more than 2,700 agents and insurers on the state of connectivity and the opportunity to align digital initiatives for benefit of all stakeholders – agents, insurers and insureds. According to the findings in the 2020 report, both agents and insurers indicated the highest demand for automated interface in the past six years, with an appetite to enable agent-insurer connectivity and digital collaboration in distribution and servicing.
Key survey findings include:
Agency Demand for Connectivity: 71% of agencies ranked the availability of digital connectivity as the highest priority when selecting an insurer to do business with.
Rating and Quoting Priorities: Even though 48% of agencies said they use comparative raters the most to quote personal lines policies, nearly 75% would prefer to have personal lines quoting capabilities directly integrated into their agency management system.
Marketing Opportunities: Unfortunately, nearly 70% of agencies said they often lose opportunities because they cannot find a market to quote the risks. However, if insurers provided real-time appetite within management systems, 85% of agencies believe they would write more business with those carriers.
Commercial Lines Submissions: Nearly 90% of insurers believe it would be useful to receive submissions in a more digital way so they can reply to agents more quickly. This sentiment is mirrored by agencies as 77% of agency respondents said they give more business to insurers who quote the fastest, for both small and mid-commercial business.
Automated Servicing: 65% of insurers report sending eDocs and Messages download directly to agency partners’ management systems – a 19% increase year over year. Further, 59% report sending Claims information via download directly to agency partners’ management systems – a staggering 110% increase compared to 2019.
“This year’s annual agency-insurer connectivity report shows a promising increase in connectivity from agents and insurers, with even greater appetite to continue to bring the distribution channel closer together via technology,” said Reid Holzworth, chief executive officer, IVANS Insurance Solutions. “While adoption has risen, there is still ample opportunity for agencies, MGAs and insurers to embrace technology and allow for greater transparency and collaboration between stakeholders, removing friction from the insurance sales and servicing processes and creating collective value for the entire ecosystem.”
More than 2,700 independent agencies and insurers across North America. participated in the 5th Annual IVANS Agency-Insurer Connectivity Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in 2020. The findings are based on responses to a set of questions about agency and insurer technology use.
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 30 years, IVANS innovation and expertise has connected 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
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