Download transactions from property/casualty carriers to agents, and real-time transactions from agents to carriers, have increased 17% and 21%, respectively, in the past year, according to IVANS, a Stamford, Conn., provider of insurance technology.
The growth, notes the vendor, can be attributed to new carriers implementing agency-company interface initiatives, and existing carriers implementing new transactions such as commercial lines and claims.
In fact, IVANS has seen a 60% growth in the number of active agents conducting commercial lines transactions as carriers implement this download transaction. In addition, the number of agents using claims download has more than doubled in the past year, as the insurance industry pushes automation further into the customer management lifecycle to reduce costs and improve service. Real-time transactions have also increased, with inquiries and personal auto quoting and issuance as the most commonly used real-time transactions, followed by endorsement bridging.
IVANS is able to track this information via its new Automation Reporting solution, an on-demand reporting solution that helps carriers benchmark their utilization of download and real-time technologies. IVANS is able to provide this usage data as its technologies facilitate communications between more than 130,000 agency-carrier pairings.
Clare DeNicola, president and CEO of IVANS Inc. said, “We are excited to leverage IVANS unique position in the industry to provide carriers with detailed insight into their business with agents. IVANS works closely with both carriers and agents to ensure that the communication between each is standard and simple, and enables them to focus on the business of selling insurance.”
According to Bill Alexander, business analyst at OneBeacon Insurance Group, http://www.onebeacon.com "As an insurance company that prides itself on flexibility and responsiveness, OneBeacon seeks out business partners who help us deliver on these values with our agents and customers. With IVANS Automation Reporting solution, I can quickly generate benchmark data myself, anytime, thus giving OneBeacon a higher level of insight into how we can further improve our agent communications. IVANS continues to demonstrate industry leadership by introducing new, ground-breaking solutions that help our company and other carriers grow their business."
On a 24/7 basis, carriers can access IVANS Automation Reports to benchmark agent utilization of real-time and download technologies within their own organization and versus the industry. Carriers now have unprecedented visibility into their agency-company communications, enabling them to identify specific opportunities for increasing their agents’ use of automated transactions to drive more business and enhance operational efficiency.
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