Stamford, Conn. - Agents claim time savings of more than 50% when carriers provide industry-standard, real-time solutions for processing transactions, such as quoting, billing and claim inquiries, loss runs, and policy views, according to a survey by a software vendor.
Seventy-five percent of agents surveyed indicate proprietary solutions and Web sites create more work, says the study by IVANS Inc., a Stamford, Conn.-based connectivity software and services provider for property & casualty insurance. Of those, 33% say they spend one to two extra hours per week; 37% invest three to four extra hours per week; 3% spend five to six extra hours per week; and 17% say it costs them more than six extra hours each week.
“These findings back up what we’ve been saying for years—that implementing solutions like real-time and download generate significant efficiencies that positively impact the bottom line,” says Clare DeNicola, IVANS president and CEO.
The survey also shows that use of real-time and download is widespread. Sixty-three percent of agents surveyed say they use real-time to perform policy transactions, and 96% use download services, with 47% downloading both personal and commercial lines.
Education can spur wider agency acceptance, the survey indicates. While the greatest barrier to implementing real-time was that “carriers have not implemented full round-trip, real time solutions” (39%), some 34%of agents also say they are “unsure of real world benefits.”
Source: IVANS Inc.
