Real-Time Said To Cut Work Time In Half

Using real-time technology solutions can dramatically cut the time it takes insurance agents to do many of the most routine tasks in their office, according to a survey released by an insurance technology solutions group.

Stamford, Conn.-based IVANS released the results of a recent survey of 318 insurance agents who said using real-time solutions offered by their carriers achieved time savings of more than 50 percent when processing transactions such as quoting, billing and claim inquiries, loss runs, and policy views.

Real-time allows the agent to access client information using a single button in the agency management system for immediate access to carrier information on that client.

On the other hand, those agents who used carrier proprietary solutions and Web sites said that technology made their job more difficult.

Seventy-five percent of agents surveyed indicated that proprietary solutions and Web sites created more work daily. Of the 75 percent, 33 percent said the work load increased one to two extra hours per week; 37 percent said they spend three to four extra hours per week; 13 percent spend five to six extra hours per week; and 17 percent of the agents said it costs them more than six extra hours each week to process data.

“These findings back up what we've been saying for years: That implementing solutions like real-time and download generate significant efficiencies that positively impact the bottom line,” said Clare DeNicola, president and chief executive officer of IVANS.

Ms. DeNicola said it is “very promising to see the major strides that agents have taken in adopting these technologies, but we believe still greater things are ahead as carriers and agents make real-time, round-trip solutions central to their agency interface strategies.”

The survey also indicates that the use of real-time and download is widespread with 63 percent of agents saying they use real-time to perform policy transactions. Ninety-six percent said they are using download services, and 47 percent said they are downloading both personal and commercial lines.

The survey suggested that more education can spur wider agency acceptance.

Of those not using real-time, 39 percent said the greatest barrier to implementation was that “carriers have not implemented full round-trip, real-time solutions,” while 34 percent said they are “unsure of real world benefits.”

Additional information about real-time technology and the industry's Real Time/Download Campaign is available at www.getrealtime.org.