Agents Outline Real-Time Tech Priorities for Insurance Carriers

Insurance carriers’ use of real-time tools is becoming a differentiator when independent agents choose where to place business, according to a new survey.

Independent agents and brokers place the highest priority on getting more carriers to offer real-time interface functionality to ease workflow issues in their agencies, a recent Real Time/Download Campaign survey found. The survey found that agents and brokers want more carriers to make real-time capabilities a priority.

The survey asked over 3,100 agents from every state to prioritize a list of possible enhancements to real-time programs and tools. The survey then asked agents to choose their top-three priority items.

Six of 10 respondents said “additional carriers with real-time capabilities” is a top priority. And about one third also placed having “consistent lines of business/real-time functions offered across carriers” as a top priority. Also, one of the highest priorities agents and brokers identified in the survey was “faster response time.”

Other suggested improvements include: easier password management; commercial lines real-time comparative rating; and reduction of real-time quote requests that error out.

The insurance industry has made worthy strides over the last few years in standardizing workflows by implementing real-time features through their agency management system and comparative rater, said Cal Durland, director of member relations at ACORD, a Real Time/Download Campaign sponsor.

“This has saved agents and brokers time and money, especially when compared to going from carrier portal to carrier portal,” he said. Durland said the survey shows that agents want to use real-time technology even more because it leads to more efficient workflows and makes them more competitive.