Agents Urged To Seek Real-Time Transaction Ability

By Mark E. Ruquet

NU Online News Service, March 2, 3:56 p.m.EST?Agents and brokers should readily adopt technologythat allows a speedier work flow to demonstrate to insurers thedemand for such real-time systems, a new trade group studyrecommends.[@@]

The report by the Agents Council for Technology, "The Real TimeRevolution: Redefining How We Work," by the ACT Real-Time WorkGroup, suggests agents and brokers implement such advancements asquickly as they become available to show carriers the need anddesire for such offerings.

"We hope that the report will convince agents and brokers to getinvolved in what we consider to be a revolution," said Jeff Yates,ACT's executive director. "We are not talking about a fewapplications in this report, but a whole revolution in technology.We need them to get involved and get working on embracing thistechnology."

Mr. Yates noted that the report defines what real time is andgoes into detail about how it will impact the future of theindustry. Besides urging agents to get involved, the report definesa lot of the terms, software and vendors, and describes how it allfits together and benefits agents.

"Implementation by large numbers of the agency force provides apowerful message to the carriers that these workflow improvementsare important to agents," the report said.

The report notes that by implementing real-time technology,carriers benefit by giving agents the opportunity to improve theirworkflow and freeing the agency and brokerage firm staff "to selland to provide customers with more highly valued services."

The report notes that customers already recognize the benefitsof this technology from their experience with the financialservices industry. This experience has changed "customerexpectations forever." Customers, it infers, are developing thesame expectations for the insurance industry.

For agents, there is the time saving element and efficiency, notonly for their own business, but also in getting answers forcustomers quickly and efficiently.

It notes that real time benefits managing general agents throughthe efficiency of having complete ACORD application submissions.The report urges the excess and surplus lines industry to continueits own e-business initiatives that improve efficiency towardreal-time transactions.

Carriers reap the benefits of real-time transactions becauseindependent agents and brokers continually look for those companiesthat exemplify ease of doing business.

"Once again, building real-time functionality?positions thecarrier as a competitive player over the long term," said thereport.

"This is a major report from ACT (which is affiliated with theAlexandria, Va.-based Independent Insurance Agents & Brokers ofAmerica) and it involved a combination of agents, user groupleaders, vendors and carriers. This is the major trend we see intechnology," Mr. Yates said.