IVANS Reveals Findings from 2019 Agency-Insurer Connectivity Report
November 12, 2019
Survey indicates increased demand for greater connectivity across the digital insurance ecosystem to create value for each stakeholder
TAMPA, Fla. – November 12, 2019 – IVANS®, a division of Applied Systems®, today announced the findings of its annual agency-insurer connectivity report. The report, 2019 Digital Technology Adoption Trends in Digital Distribution and Automated Servicing, highlights increased adoption of digital technology by both insurers and agencies; however, it also shows the opportunity for these insurance stakeholders to prioritize and align their digital initiatives.
Key survey findings include:
- Agency-Insurer Connectivity: 83% of agencies surveyed found the availability of connectivity to be very important when selecting an insurer to do business with. Likewise, 95% of insurers find providing automated connectivity to agency partners very important.
- Marketing Opportunities: 34% of agencies surveyed reported using printed appetite guides to identify markets, while 79% of insurers still produce printed appetite guides.
- Rating and Quoting Priorities: 73% of agencies said they prefer quoting a Personal Lines policy within their management system. Similarly, only 34% of agencies reported a preference to quote Commercial Lines policies via insurer portals.
- Automated Servicing: 74% of agencies indicated interest in having each of their insurers offer eDocs and Messages download, while only 51% of insurers are supporting eDocs & Messages.
“This year’s Annual Agency-Insurer Connectivity Report shows year-over-year growth in demand from both agencies and insurer for connectivity,” said Thad Bauer, vice president and general manager, IVANS Insurance Solutions. “As the demand for connectivity increases from each stakeholder, it is critical that both agencies and insurers embrace the technology to enable automated distribution and servicing, enabling them to more effectively compete with new market entrants and direct writers.”
View the full 2019 Digital Technology Adoption Trends in Digital Distribution and Automated Servicing report
More than 1,600 independent agencies, MGAs and insurers across the U.S. and Canada participated in the 5th Annual IVANS Agency-Insurer Connectivity Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in July and August 2019. The findings are based on responses to a set of questions about agency and insurer technology use.
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IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 30 years, IVANS innovation and expertise has connected 32,000 independent insurance agencies and 400 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.