Agency-Carrier-MGA Connectivity in 2021 and Beyond

Where are you on your digital technology insurance journey? We recently asked a series of questions to agents, carriers, and MGAs in our annual survey to get a pulse on digital tech adoption across the industry. Discover how to find and place the right risks, save time spent on manual tasks, and best serve your customers based on the latest industry trends.

Automation for Sales and Marketing

Industry professionals strongly align on the importance of connectivity and automation. While price is often perceived as a deciding factor for who to write business with, ease of doing business and time savings were rated as top reasons agents select carrier and MGA partners. Automation is key to achieving this. Insurance professionals recognize the importance of adding technology to their toolkit to provide the best customer experience and win more business. 

Appetite – Finding and Placing Risks

Most of the agents surveyed feel they miss out on Commercial Lines business – 69% of agencies said they cannot win opportunities because of difficulty accessing a market that will quote the risk. With approximately 30% of Commercial Lines submissions being declined, we know there is a need for better appetite and eligibility communication, which is why we’re so excited about the recent Ask Kodiak acquisition.

New Business and Renewal Submissions

Insurance professionals crave ways to be connected and aligned during the application and renewal process. However, there is still a gap between agents and carriers when it comes to what Commercial Lines tools are used. The ongoing advancements in technology are here to help close the gap when it comes to aligning on processes and business priorities.

While carriers prefer to use their portals, agents prefer starting with their agency management systems. Agencies ranked time savings and faster quoting as the top reasons they prefer to quote directly from their workflows.

When it comes to the world of Commercial Lines, insurance professionals agree that the sky is the limit – 57% of agents said they see room for additional automation capabilities in the Commercial Lines submissions process.

In addition, 33% of carriers plan to invest in Commercial Lines submission technology within the next year. With agents and carriers planning on investing in this technology, workflows are bound to move quickly and seamlessly.

Servicing on the Digital Highway

The benefits are endless for going paperless – from saving time to improving accuracy within your documents and providing the best customer experience. While 74% of agents said they are already using download and 78% are using eDocs and Messages, there is always room to grow when it comes to automating processes. 

Agents save an average of 2.2 hours per day using download while also decreasing errors caused by manual entry and reducing costs spent on printing and mailing. Carriers can keep up with agency demand for the latest policy-related information and documents with download. 

Continue Your Digital Connectivity Journey

You can find more agency-carrier insights to help inform your business decisions in our 2021 IVANS Connectivity Report.

IVANS is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software provides agencies greater access to markets and automates servicing throughout the insurance lifecycle to drive retention and business growth. While a division of Applied, IVANS is committed to support the industry’s leading agency management system providers and connects to 33,000 independent insurance agencies and 430 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.