Milwaukee, WI., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ivans® today announced the 2024 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 between carriers and agencies for the benefit of all stakeholders among the industry. The overarching sentiment among agent respondents is their continued favor of carriers and MGAs that offer digital connectivity, according to the findings in the 2024 report.
Other key survey findings include:
- Agency Quoting Preferences: Agent respondents indicated their top two reasons they give more business to carriers is their ability to quote the fastest and connect to integrated quoting in their agency management system.
- Agency Demand for Greater Access to Appetite: 87% of agents say they would write more business with carriers if they provided real-time appetite and quoting within their agency management systems to make it easier to find markets. Nearly 76% of agencies said they often lose opportunities because they cannot find a market to quote.
- Carrier Demand for New Quality Agency Partnerships: 76% of carrier respondents are looking to appoint new agencies. They listed attending industry tradeshows and events as their top method used to find new agencies. Agency visits are up by 22% year over year.
- Commercial Lines Submissions: While 55% of agents say they use carrier portals to quote commercial lines (up 5% from last year), only 32% prefer to do it that way.
- Rise in E&S Business: 48% of agents reported an increase in their dealings with E&S firms and an overwhelming 84% desire connectivity on par with traditional markets.
- Digging Into Data: Agents and carriers are both looking for better ways to access the data they need to inform their decision-making when it comes to partnerships and daily workflows. The latest tech is helping the industry make data-driven decisions based on the insights they’ve been looking for. 95% of carrier respondents say they use data analytics tools as part of their business.
“Our data continues to show that while agents and carriers are not aligned on technology adoption today, both sides will collectively grow as they further invest in digital connectivity,” said Reid Holzworth, chief executive officer, Ivans. “By embracing automation and quoting technology, carriers and MGAs can finally close the gap between their need to expand distribution and agent demand for simpler digital workflows.”
View the full Annual Agency-Carrier Connectivity Report.
Survey Methodology
1,456 industry professionals, including agents, carriers, MGAs/wholesalers and technology providers, completed the 2024 Ivans Connectivity Survey. Respondents voluntarily participated in an online survey. The report is based on responses to a set of questions about technology use specific to digital connectivity and preferences, in addition to stats from Ivans and our resources, such as blogs.
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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 700 carrier and MGA 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.
