Tech Agreements Lag Behind
In recent years, the electronic interactions occurring between agents and carriers have exploded, with carriers offering increased functionality to their agents on a regular basis. While these enhancements are tremendous gains for agents, they have uncovered many contractual issues and concerns in the process. Unfortunately, agency/carrier technology agreements between the two parties are lagging behind.
Technology agreements simply have not kept pace with the perpetually evolving agent-carrier technology practices. For example, technology agreements should provide agencies with explicit protection, giving them continued access to client and policy data (covering the period when they were the agent on the risk) for no less than the period of time that state law requires the agent to retain such information. This holds true even if another agent takes over the business through an agent of record letter, the agency is terminated, or the status of the carrier changes.
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