Both agents and insurers express strong support for agent-insurer connectivity and digital collaboration in distribution and servicing.
Nearly 90 percent 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 percent of agency respondents who said they give more business to insurers who quote the fastest, for both small and mid-commercial business, according to a new IVANS survey.
As well 65 percent of insurers report sending electronic documents and messages downloads directly to agency partners’ management systems – a 19 percent increase year over year. Further, 59 percent report sending claims information via download directly to agency partners’ management systems – a staggering 110 percent increase compared to 2019.
IVANS, a division of Applied Systems, repoerted the resulst as part 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 percent of agencies said they use comparative raters the most to quote personal lines policies, nearly 75 percent would prefer to have personal lines quoting capabilities directly integrated into their agency management system.
On agency demand for connectivity, 71 percent of agencies rank the availability of digital connectivity as the highest priority when selecting an insurer with which to do business. At the same time, nearly 70 percent 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 percent 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.
*A version of this story ran previously in our sister publication Insurance Journal.