The 2013 Agency Technology Survey, conducted by the Real Time/Download Campaign indicates why some agency and brokerage professionals have not fully adopted the interface functionality. Real-time rating for commercial lines had the lowest adoption rates of the five key interfaces available, with only half of the 2,200 respondents citing their usage.
Campaign leaders see the responses as an opportunity to educate and encourage more functionality offerings.
“We’re pleased that real-time rating is up by 32 percent and download use is up, as well, but we need to be able to help more agents and brokers boost their efficiency,” said Stu Durland, campaign co-chair and vice president and co-owner of Seely & Durland Insurance.
The top reasons cited for not using real-time rating for commercial lines were not having a real-time comparative rater for commercial lines and the fact that too few carriers offer commercial lines real-time rating tools.
“Rating commercial lines policies is more complex than personal lines,” said Campaign co-chair Joyce Sigler. “Vendors and carriers have built on their personal lines real-time rating implementation success, and we’re seeing gains, but we need more carriers and vendors to introduce rating solutions for more lines of commercial business. A critical mass will encourage broader adoption.”
Usage of personal lines real-time rating is much higher, with 83 percent of respondents citing their usage. Those who do not use the interface cite that “It is easier to go to the company website,” finding it “too slow or inaccurate” or “not being worth the extra expense.”
Comparatively, 95 percent of survey participants cited using personal lines download compared to the 75 percent who use the feature for commercial lines.
“We’re pleased with the significant adoption rates for personal lines rating and download,” Durland said. “At the same time, we’d love to see more agents and brokers reap the time-saving and other benefits of these interfaces. We’ll continue our education and advocacy work to help achieve even greater results going forward.”