Real-Time Transactions Growing in Popularity Among Agents and Carriers, IVANS Survey Shows

Of 341 independent agents surveyed, 93 percent believe that adoption of real-time technology is critical to gaining a competitive edge. Fifty-nine percent say they will continue to invest in information technology at current levels, while nearly 14 percent are increasing their spending. Agents say they are seeing similar investment patterns by insurance carriers.

“Carriers are investing in solutions that make them easy to do business with, and agents view technology as a way to generate revenue more quickly and increase competitive advantage,” explained Clare DeNicola, president and CEO of IVANS.

DeNicola said the survey results align with what IVANS is seeing in its own business, particularly with the adoption of IVANS Transformation StationSM and Download solutions that support agency interface.

“I expect the total number of real-time transactions within our industry to double again by year-end,” DeNicola predicted.

The IVANS survey also revealed that agents are using technologies that help them save time and improve customer service. Ninety-eight percent of those surveyed download quotes and claims data with more than two carriers, and more than 50 percent download with more than five carriers. Having a standard industry workflow is critical for managing download processes efficiently and for responding to customer requests swiftly.

“These statistics illustrate the importance of using industry solutions to streamline agency workflows instead of having to work with disparate connections,” said Lisa Parry-Becker, Real Time/Download Campaign cochair, vice president of sales and marketing at William B. Parry Agency, and a director of ASCnet, the Applied Systems user group. “Download is an essential tool that not only eliminates the re-keying of data, but it enables you to respond more quickly to customer inquiries.”

Fifty-seven percent of agents said they are saving up to one-third of their time each week using real-time transactions, while the remaining 43 percent are saving anywhere from 31 to more than 90 percent of their time.

With more than nine out of ten agents projecting that 2008 will be even more competitive than last year, the survey results underscore how the industry is increasingly turning to real-time technology to survive and thrive.