Agents using industry-standard real-time solutions offered by their carriers claim time savings of more than 50 percent when processing transactions such as quoting, billing and claim inquiries, loss runs, and policy views, according to a survey conducted by IVANS, a provider of technology services for property/casualty insurance.
Seventy-five percent of agents surveyed indicated that proprietary solutions and websites created more work for them on a daily basis. Of those, 33% say they spend one-two extra hours per week; 37% spend three-four extra hours per week; 13% spend five-six extra hours per week; and 17% of agents polled said it costs them more than six extra hours each week to process data.
“These findings back up what we’ve been saying for years—that implementing solutions like real-time and download generate significant efficiencies that positively impact the bottom line,” said Clare DeNicola, president and CEO of IVANS. “It’s very promising to see the major strides that agents have taken in adopting these technologies, but we believe still greater things are ahead as carriers and agents make real-time, round-trip solutions central to their agency interface strategies.”
The survey also revealed that the use of real-time and download is widespread. Sixty-three percent of agents surveyed say they are using real-time to perform policy transactions, and 96 percent of agents are using download services, with 47 percent downloading both personal and commercial lines.
The survey results suggest that more education can spur wider agency acceptance. For example, while the greatest barrier to implementing real-time was that “carriers have not implemented full round-trip, real time solutions” (39 percent), 34 percent of agents also said they are “unsure of real world benefits.”
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