IVANS Inc., Old Greenwich, Conn., has added new features to Transformation Station, which make it easier for carriers and agents to communicate in real-time. The features include the ability to send and receive attachments, receive alerts regarding activities such as claim actions or cancellations, streamline endorsement processing and conduct Web site navigation and sign-on. Transformation Station is an Internet-managed data exchange using Web services and ACORD XML to enable real-time transactions between insurance carriers and independent agents and brokers."The Web services based, real-time model allows us to provide our agency, company and vendor partners with new, innovative types of transactions that will have a positive impact on agency-carrier workflows," says Janice Sheffield, divisional vice president for IVANS. Transformation Station is currently growing at a rate of 28% per month in transactions, and growing to the level of what it took 10 years for batch transactions to reach.
With the number of endorsements processed every day, carriers and agents will benefit from streamlining the endorsement process. The 'Endorsement Bridge' will provide the ability for the agent to bridge to the company Web site from the client file in the agency system. An element in the data stream will allow the carrier to recognize the type of endorsement, providing the carrier the ability to take them automatically to that section of the policy to make the change.
Thirty-seven insurance carriers now participate in Transformation Station, enabling them to communicate in real-time with agents, brokers and MGAs through nine different agency vendor platforms and two MGA systems. Currently, carriers and agents use Transformation Station to conduct over 5,000 transactions per day.
Source: IVANS Inc.
