Editor’s Note: It’s about time, really

It will take the
collective clout and leadership of agents everywhere to move more carriers and transactions to real time.

Agents have the future of the agency system at their fingertips, literally. Many of those who have long fantasized about SEMCI (single entry multiple company input) are unaware that this dream is just a keystroke away — and all paid for.

Most current agency management systems already contain the tools for SEMCI, or what is now being called real time transactions, but these tools are either being underutilized or totally bypassed. Instead, most agencies continue to log into carriers’ proprietary Web sites, an inefficient process that requires re-keying data, as well as recall of multiple passwords.

Real time provides a single workflow for all service and quoting transactions. It allows a customer service representative to click on a customer file in a management system or comparative rater and obtain immediate information on that customer from a carrier. This can be for a quote, billing inquiry, claim inquiry, loss run, policy view, endorsement or request for information — activities that account for the bulk of most agencies’ servicing time.

Real time speeds responses for today’s customers who expect immediacy. It cuts administrative time, creating opportunities for more profitable activities. It creates efficiencies that go right to the bottom line.

Most agency management systems contain download capability as well as real time transaction capability. The critical download feature incorporates all of the customer data into an agency’s own system so it can be used to create certificates of insurance, binders, applications and other documents. The download feature, too, is often overlooked.

Old habits die hard and agencies now accustomed to going to carriers’ proprietary Web sites may not see the advantages of activating the real time feature in their systems, especially if all transactions are not supported or if not all of their carriers are participating.

But that mentality has to change for real time to become reality. It will take the collective clout and leadership of agents everywhere to move more carriers and transactions to real time. The more agencies utilize real time, and the more they urge their carriers to adopt it, the more carriers will join the bandwagon.

Recent figures show only about 20,000 non-rating real time transactions are performed each day — not very many. A coalition of agents and brokers, carriers, vendors, user groups and trade associations is backing a campaign entitled Real Time, Make It Your Business, which they hope will double the use of real time over the next year. “We will encourage agencies already using real time and download to increase their use and we will urge agencies not using the technology to implement it. Also, we will call on carriers to implement real time and urge other carriers already using the technology on a limited basis to expand it to all transactions and business lines,” says Jeffrey M. Yates, ACT executive director and a campaign leader.

The group has launched a new Web site—www.getrealtime.org where all stakeholders can learn about real time and download. Also, agents and brokers can see what transactions are supported by their carriers and automation vendor and obtain a step-by-step guide.

The time for real time is now. It’s important to go to www.getrealtime.org today. Really.

Topics Carriers Agencies