Both agents and insurers express strong support for agent-insurer connectivity and digital collaboration in distribution and servicing.
On agency demand for connectivity, 71% of agencies rank the availability of digital connectivity as the highest priority when selecting an insurer with which to do business.
IVANS, a division of Applied Systems, reported the findings of its annual agency-insurer connectivity survey. The report, 2020 Digital Connectivity Technology Adoption Survey: 6 Key Trends, highlights responses from more than 2,700 agents and insurers in North America on the state of connectivity.
While adoption of automation interface has risen, there is still ample opportunity for agencies, managing general agencies and insurers to allow for even greater transparency and collaboration, according to Reid Holzworth, chief executive officer, IVANS Insurance Solutions.
The survey revealed that 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.
Also nearly 70% of agencies said they 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.
“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 Holzworth.
Insurers also expressed interest in more connectivity.
Nearly 90% of insurers believe it would be useful to receive commercial lines 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.
Also, 65% of insurers report sending electronic documents and messages downloads 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.
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