Survey indicates increased demand for a more connected insurance ecosystem to improve productivity and value for all stakeholders
TAMPA, Fla., Nov. 18, 2021 (GLOBE NEWSWIRE) — IVANS® today announced the findings of its annual agency-insurer connectivity report, 2021 Digital Connectivity Technology Adoption Trends. The report highlights the adoption of digital technology by insurers, MGAs and agencies and the opportunity to align digital initiatives for the benefit of all stakeholders – agents, insurers, MGAs and insureds.
According to the findings in the 2021 report, responses from more than 1,700 agents, insurers and MGAs indicated the highest demand for connectivity in the past seven years, with an appetite to enable agent-insurer connectivity and digital collaboration in distribution and servicing. Key survey findings include:
- Agency Demand for Connectivity: More than 80% of agents ranked insurer connectivity as important or very important. In addition, nearly 85% of agents said they place more business with connected insurers.
- Rating and Quoting Priorities: Purging Paper: Traditional methods (email, phone call, etc.) are still popular, but only 29% of agencies are still using hard copies or PDFs to find insurers for Commercial Lines. 70% prefer integrating the Personal Lines rating system within their agency management systems.
- Marketing Opportunities: Nearly 69% of agencies said they often lose opportunities because they cannot find a market to quote the risks due to the historically manual nature of appetite discovery.
- Commercial Lines Submissions: 84% of insurers believe it would be useful to receive submissions in a more digital way so they can reply to agents more quickly. This sentiment is mirrored by agencies as 81% of agency respondents said they give more small commercial business to insurers who quote the fastest, 69% in mid-market.
- Automated Servicing: 78% of insurers report sending eDocs and Messages download directly to agency partners’ management systems – a 13% increase year over year. Further, 74% report sending Claims information via download directly to agency partners’ management systems.
“We are happy to see the increased adoption in agency-insurer connectivity across all categories, and a push to further connect the industry through technology,” said Reid Holzworth, chief executive officer, IVANS Insurance Solutions. “As we continue to build and support digital connections between insurers, MGAs, agencies and their technology partners, it is important for all stakeholders to embrace technology so we can remove friction and create greater transparency across the insurance ecosystem.”
View the full Annual Agency-Insurer Connectivity Report.
More than 1,700 independent agencies, insurers and MGAs across North America. participated in the 7th Annual IVANS Agency-Insurer Connectivity Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in 2021. The findings are based on responses to a set of questions about agency, insurer and MGA technology use.
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.
CONTACT: Lauren Malcolm IVANS Insurance Solutions 4048420055 email@example.com
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