A leading insurance agency technology vendor says that real time transactions by independent agencies using its systems have skyrocketed 56 percent so far in 2010 over last year.
Vertafore reported that its agent-carrier connectivity products, TransactNOW, PL Rating and Sircon, have handled more than 10.8 million real-time transactions so far in 2010, which it says have saved agencies, carriers and managing general agencies (MGAs) about 700,000 hours of time and $20 million in costs thus far this year.
“Real-time connectivity is all about productivity and time savings for agents. Carriers participating in this industry revolution are providing their sales channel with an easier way of accessing their products directly through the systems agents use every day to write new business and service clients,” said Dave Acker, vice president of connectivity at Vertafore.
New Hampshire independent agent Mike Foy, of Foy Insurance Group, said his firm has saved the equivalent of five full-time employees using Vertafore’s real time technology.
“As an independent agent, I represent 25 personal lines carriers. In order to provide the best possible service to my customers, we include anywhere from 10 to 15 carriers per quote,” said Foy.
TransactNOW supports billing inquiry, claims inquiry, policy view inquiry and endorsement and quote requests for both personal and commercial lines. PL Rating is a multi-carrier, real-time comparative rating application. Sircon streamlines agent licensing, appointing and other compliance-related transactions.
For information about the industry’s Real Time/Download Campaign, visit www.getrealtime.org.
Source: Vertafore
IVANite says: 
Savvy Shopper says: 
Pesya says: 
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
Woman Takes Honda to Small-Claims, Wins Big
Federal Insurance Office Says Overdue Regulation Report Still Weeks Away
