IVANS Reveals Findings from Annual Agency-Insurer Connectivity Report
Survey indicates year-over-year growth in agent and insurer demand for connectivity to increase digital distribution and automated servicing
Tampa, FL – November 1, 2018 – IVANS®, a division of Applied Systems®, today announced the findings of its annual agency-insurer connectivity report. The report, 2018 Digital Technology Adoption Trends in Digital Distribution and Automated Servicing, indicates the increasing demand for connectivity between agencies and insurers, while also highlighting the opportunity to align demand with prioritization and implementation of digital initiatives for the benefit of all stakeholders.
Key survey findings include:
- Automated connectivity: 81% of agencies surveyed place more business with insurers who offer automation. Likewise, 88% of insurers find providing automated connectivity to agency partners very important.
- Marketing and Distribution: 65% of agencies have lost business because they cannot find or access a market that will quote their risk. Conversely, 72% of insurers suggest that they are not writing the maximum amount of premium with currently appointed agencies.
- Servicing: 75% of agencies indicated interest in having each of their insurers offer eDocs and Messages download, while only 44% of insurers are supporting eDocs & Messages.
“More agents and insurers are realizing that increased connectivity prompts more business opportunities and enhanced servicing capabilities, enabling all stakeholders to more effectively compete with new market entrants and direct writers,” said Thad Bauer, vice president and general manager, IVANS Insurance Solutions. “This year’s Annual Agency-Insurer Connectivity Report notes the progress that agencies and insurers have made in digital technology adoption while demonstrating continued agency demand for insurer connectivity.”
More than 1,500 independent agencies and insurers across the U.S. participated in the 3nd Annual IVANS Agency-Insurer Connectivity Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in July and August 2018. The findings are based on responses to a set of questions about agency and insurer technology use.
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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 30 years, IVANS innovation and expertise has connected more than 30,000 independent insurance agencies and 380 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.