Editor’s Note: Prompt adoption by agencies of thetechnology is important because the

February 19, 2006

companies and vendors are closely monitoring agency usage in
deciding whether to invest in it further.

Points and clicks have the insurance industry moving faster than it ever has before. But just imagine being able to go online to receive competing rates for an account from multiple carriers just once. There’s no need to log onto to individual company sites, with separate usernames and passwords, nor a need to re-enter data at every turn. That technology could help increase sales for you and your companies, better customer service and retention, and create more efficient operations.

If that scenario sounds like a dream, pinch yourself.

From a technology standpoint, it’s not.

The technology to carry out the above scenario exists. What is missing is the critical mass of agents and carriers willing to commit to it. More agents, carriers and vendors need to buy into the dream for it to become an everyday reality.

The Independent Insurance Agents & Brokers of America has issued a wake-up call for the industry to accelerate its efforts to implement real-time multiple-company rating.

“Independent agents and brokers are extremely frustrated with the current process of having to go to multiple company Web sites and enter the same data multiple times to find the most attractive rate for their customers,” said IIABA CEO Robert Rusbuldt.

“We have an historic opportunity right now to materially improve the rating process for the agency force for the long term, but it will require proactive steps by agents, companies and vendors,” added Bob Slocum, chairman of IIABA’s Agents Council on Technology and president of The Slocum Agency Inc. in Warwick, R.I.

IIABA’s National Board has adopted a policy statement pressing independent agents and brokers to advocate for real-time rating processes with their companies and vendors, and to implement the new technology promptly when a company makes it available.

Prompt adoption by agencies of the technology is important, because companies and vendors are closely monitoring agency usage and that information helps them decide whether to invest in it further, according to Slocum.

IIABA also is calling upon companies and vendors to make the needed investments to enable that new rating process, and for national and state agent associations, as well as user groups, to make the issue a priority in their discussions with agents, companies and vendors.

The policy statement came about at the urging of the Independent Insurance Agents & Brokers of New York. “Real-time multiple company rating will allow independent agents to operate much more efficiently, freeing them up to concentrate on new sales and enhanced customer service,” said Steven Spiro, president of Spiro Risk Management in Valley Stream, N.Y. and IIABA’s national board director from New York. “Carriers will benefit from increased agency sales and customer retention, and vendors will benefit by meeting the needs of their agency customers and promoting a growing customer base.”

Things are going rather well for agents these days. Agents are continuing to gain market share. But if today’s success is to be secured for the future, agents and their carrier and vendor partners must get on the same page … or better yet, the same screen. The Web page to start with is www.acttechorg. On that site, agents can find which carriers and vendors are offering real-time multiple company rating. Then perhaps soon, everyone will be living the dream.

Topics Agencies Tech

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