Milwaukee, WI., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Ivans® today announced the findings of its annual agency-carrier connectivity report, Agency Digital Technology Adoption Trends. The report highlights the adoption of digital technology by agencies and the opportunity to align digital initiatives for the benefit of all stakeholders among the industry.
According to the findings in the 2023 report, responses from more than 1,000 agent respondents from small and large agencies indicated that they continue to favor carriers and MGAs that offer automation – ranking ease of doing business and time savings at the top of the list of value they get from connectivity. There is also a growing trend among agents who recognize the cost savings benefit, increased agent productivity, the ability to serve clients faster, and opportunities to submit more business. Key survey findings include:
- Agency Demand for Greater Access to Appetite: 83% of agents say they would write more business with carriers if they provided real-time appetite and quoting within their management systems that made it easier to find markets. Nearly 73% of agencies said they often lose opportunities because they cannot find a market to quote.
- Commercial Lines Submissions: The most requested item from agent respondents was additional tech capabilities in the commercial submissions process, specifically integrated quoting capabilities.
- Personal Lines Submissions: The most preferred method of quoting was through an agency management system, with 70% of agents listing this as their preference and 22% currently using this method.
- Automated Servicing: The preferred method for accessing clients’ policy information is via download in their agency management systems. 76% of agents said they save at least 2 hours/day per employee using download.
“We have long known agent demand for connectivity through Ivans Download, but our latest survey really reinforces the growing demand for connectivity at each stage of the lifecycle, particularly quoting and new business submission,” said Reid Holzworth, chief executive officer, Ivans. “By embracing technology, carriers can provide the quick and easy digital interactions agencies are seeking, opening the door to more profits and better agency partnerships.”
View the full Annual Agency-Carrier Connectivity Report.
Survey Methodology
More than 1,000 agent respondents from small and large agencies participated in the 9th Annual IVANS Agency-Insurer Connectivity Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in 2023. The findings are based on responses to a set of questions about agency, insurer and MGA technology use.
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About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 38,000 agents and over 600 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.
