Tech-Savvy Insurers Win An IVANS Poll
NU Online News Service, March 3, 12:20 p.m. EST?A majority of independent insurance agents prefer to work with insurers they consider "aggressive" in their use of new technology, according to a survey by IVANS.[@@]
The industry-owned provider of electronic communication services reported the findings for its February/March E-News edition.
Maggie O'Hara, divisional vice president for the Old Greenwich, Conn.-based IVANS, said in the article that the survey results are important "because they show that recent advances such as real-time agency/company interface and use of broadband technologies have clearly dispelled the concerns from a few years ago about the disintermediation of agents when embracing new technologies."
Of the 437 agents responding to the 2003 fourth quarter survey, 84.8 percent said yes to the question: "Does your agency prefer to deal with carriers that you feel are more aggressive in using technology?" and 15.2 percent responded in the negative.
Ms. O'Hara said the new insurer technologies "have helped convert agents into huge technology proponents that now hunger for more positive change."
Rather than using dial-up connections and slow leased-line connections, agencies are taking advantage of faster broadband connections such as DSL, cable, T1 lines and satellite more than ever before, IVANS said.
According to the IVANS research, in just three years, there has been a 55 percent increase in agent use of high-speed connections, jumping from 37 percent in 2000 to 92 percent in 2003.
IVANS said the migration to high-speed has been driven by the use of Internet applications aimed at streamlining processes such as accessing quotes, policy renewals, and submitting claims, which are enabling agents to service their customers better.
The survey found that 91.2 percent of agents are currently using some form of
broadband connection to process transactions with carriers, and most of these agents–86.2 percent–have an agency management system in place.
Fifty-two percent of agents surveyed indicated that they prefer to process policyholder information directly through their management systems, rather than enter the information directly into a carrier Web site. Additionally, agencies that work with 10 or more carriers clearly indicated that they would rather work through their management systems, supporting the need for single-entry, multiple-carrier interface.
Nearly 70 percent of agents' management systems are now able to move data in real time to process policyholder information and service customers, the survey found.
According to Ms. O'Hara, the findings' import for U.S. insurance carriers, "especially those considering new advancements–such as real-time transactions, wireless solutions, or new Internet applications–is that agents are better prepared to work in these environments than in the past."
Among other responses in the survey, 73.4 percent of agents said network security is of big importance to their agency.
The company said its findings were based on a standard mail survey IVANS conducted from Oct. 15-to- Nov. 28, 2003. The survey is available online at http://www.ivns.com/nsurveys.asp. or by e-mailing IVANS at info.ivans@ivans.com
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