The need for greater operating efficiency knows no international boundaries

Few things have had such a positive impact on the insurance business–and in particular, on those of us out on the front lines selling policies–as real-time functionality.

By eliminating re-keying of customer and risk data, agents–or brokers, as we call ourselves in Canada–can reduce errors, speed transaction processing and respond more quickly to client demands. Freeing up time otherwise spent performing these redundant tasks allows agency and brokerage staff to focus more on selling and servicing clients. Reducing expenses and boosting revenue are real, bottom-line outcomes of true real-time functionality.

Carriers find similar benefits. When agents and brokers can access information–whether it's billing, claims or underwriting–that means they don't need to call, fax or e-mail. And that means someone at the carrier's office can be doing something other than responding to a phone call, fax or e-mail inquiry.

Real-time functionality makes it easier to do business with carriers. And that–”easier to do business with”–is how nearly every carrier I know, whether in the United States, Canada or elsewhere, wants to be described.

Plus, real-time can ease underwriter workload as technology does some of the heavy-lifting. It can provide agents a first indication of carrier interest and can more quickly identify attractive risks so underwriters focus on them when human attention is needed.

Making business easier and more profitable for brokers and carriers is all well and good. But at the end of the day, let's remember why we're in this business in the first place. We are here to serve clients, and when an agency can immediately print or e-mail an auto-identification card, certificate of insurance, evidence of property, loss-payee binder, or any form that needs to be signed by the customer, directly from the agency management system, the customer is well served. Plus, we all win.

These benefits are not country-specific. They are taking place in the United States, to be sure. But the paybacks are starting to be realized in Canada, the United Kingdom (where our user-group leadership just met with a vibrant and enthused local chapter) and elsewhere. In addition, while tremendous opportunities exist to increase usage stateside, the potential for gain is even greater, at least percentage-wise, in other jurisdictions. That's exciting.

I believe the industry has an opportunity to turn what was frustration into broader implementation globally. Seizing this opportunity will require a conscious effort on the part of carriers, agents, brokers, vendors and others, but it's an effort that can deliver positive results.

In the United States, agents and brokers have worked together on a number of fronts to drive broader acceptance, both among their own ranks as well as throughout the carrier and vendor communities.

For several years, agents, carriers and vendors have worked through barriers to broad implementation of real-time technology. More recently, agency management system user groups have banded together to drive consensus around real-time and other tools and technologies that can help agents and brokers improve workflows and reduce expenses.

It's time for agents to tap into these resources–see what has been accomplished and work to adapt or replicate that locally. Better yet, agents should investigate what opportunities might exist to open up these efforts to include a global focus.

For instance, involve user groups from other countries. When documenting carrier and vendor functionalities, agents should include non-U.S. offerings, as well. Technology and communication advances have made the world in which we live and work smaller. Plus real-time is real-time, regardless of time zone or jurisdiction.

Carriers can work to speed adoption and implementation, as well.

In Canada, the first carrier to adopt real-time functionality was not a Canadian company, per se, but rather a global carrier. When that firm bought in, others followed, and quickly. Carriers that offer real-time in one jurisdiction are well suited to expand their offering across borders, and realize the same cost-savings and revenue enhancement abroad that they do in their own jurisdiction.

I suspect that by adopting the standards that drive real-time, carriers can reap the added benefit of better internal, cross-border communication and reporting–another time and money saver.

For vendors, the chance to incrementally increase profits by expanding distribution of proven technologies seems, to me, hard to resist. Development initiatives and costs have already been undertaken. These can be adapted to meet various jurisdictional requirements. Research and client feedback efforts are ongoing.

It would be easy to replicate them for other audiences, and sales and implementation procedures and activities are in place. Expanding into new markets could be accomplished with less effort than starting from scratch, and the paybacks could be far-reaching.

By making such efforts, the industry has an opportunity to build on the momentum and successes achieved in some areas and expand these to include others. By doing so, agents, brokers and carriers will profit from leading-edge technology and capabilities, not just “good enough” or stopgap measures currently in place in many areas.

Meanwhile, customers–personal and commercial, local and global–will reap the benefits of a more efficient and responsive insurance community.

When you come right down to it, insurance is insurance. Policies are policies, whether they are called auto or motor, or homeowners or habitational. Carriers are carriers, whether they're global or regional, large or small. Distributors are distributors, whether we call ourselves agents or brokers, or something else altogether.

But most important, customers are customers. At the end of the day, we succeed or fail based on how well we serve these customers. Real-time can help us do that better, no matter where we are.

Donna Abramson is vice president, implementation and training of Applied Systems Client Network (ASCnet), based in Altamonte Springs, Fla., as well as information technology manager for Western Financial Group in Western Canada.

Agents should investigate what opportunities might exist to open up these efforts to include a global focus.

Special Reports /

Real-Time Delivers For Agents Worldwide

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