Real-Time Insurance Transactions Proving Critical for Succeeding in a Downturned Economy
IVANS Predicts Real-Time Transactions Will Double Again as
Carriers and Agents Continue to Invest
STAMFORD, Conn.--(Business Wire)--
According to a survey conducted by IVANS, Inc., insurance carriers
and agents continue to increase investment in technologies that enable
the independent agent distribution channel, despite the recent
economic slowdown in the U.S. In fact, of 341 independent agents
surveyed, an overwhelming 93% believe that adoption of real-time
technology is critical to gaining a competitive edge in this economy.
Fifty nine percent of agents surveyed will continue to invest in
information technology at current levels, while nearly 14% of agents
are increasing their spending. Agents report seeing similar investment
patterns by insurance carriers.
"Carriers are investing in solutions that make them easy to do
business with, and agents view technology as a way to generate revenue
more quickly and increase competitive advantage," commented Clare
DeNicola, president and CEO of IVANS, Inc. "The survey results align
well with what we're seeing in our own business, particularly with the
adoption of IVANS Transformation StationSM and Download solutions that
support agency interface. I expect the total number of real-time
transactions within our industry to double again by year-end."
The IVANS survey also revealed that agents are using technologies
that help them save time and improve customer service. Ninety eight
percent of agents surveyed download quotes and claims data with more
than two carriers, and over half download with more than five
carriers. Having a standard industry workflow is important for
managing this one-to-many process in an expedient fashion and for
responding to customer requests in a timely manner.
"These statistics illustrate the importance of using industry
solutions to streamline agency workflows instead of having to work
with disparate connections. Download is an essential tool that not
only eliminates the re-keying of data, but it enables you to respond
more quickly to customer inquiries. Additionally, it enables you to be
properly set up for real-time transactions since the policy numbers
are formatted correctly to complete service transactions - all which
saves significant time and makes it easier for you to do business,"
said Lisa Parry-Becker, Real Time/Download Campaign co-chair; vice
president of sales and marketing at William B. Parry Agency, and a
director of ASCnet, the Applied Systems user group.
Fifty seven percent of agents said they are saving up to one-third
of their time each week using real-time transactions when asked about
the time saved by using real-time processing, while the remaining 43%
are saving between 31% to greater than 90% of their time. With 93% of
agents projecting that 2008 will be even more competitive than last
year, these findings underscore how the industry is increasingly
turning to real-time technology to thrive in this context.
As the market leader and co-sponsor of the Real Time/Download
Campaign, IVANS regularly communicates with agencies and carriers on
issues affecting the property and casualty industry, and how
technology can be used to address them. The company also provides a
variety of technology solutions, including IVANS Transformation
Station, Download, Transformation Xpress(TM), IVANS E-Commerce Server
and Transfer Manager(R), that support over 600 members of the
industry. For more information, please visit www.ivans.com. For a copy
of an executive summary of the IVANS survey, contact Cecile Locurto at
(203) 698-7218 or Cecile.Locurto@ivans.com.
About IVANS
IVANS, Inc. provides the insurance and healthcare industries with
fully managed network, electronic data interchange (EDI) and
agency-company interface solutions to help solve complex business
issues. Headquartered in Stamford, Conn., IVANS serves over 600
insurance and healthcare organizations, more than 30,000 independent
agents and 30,000 healthcare providers. With 25 years of experience
successfully managing networks, the company also offers its clients
relentless customer service, security solutions, reliable and
accessible technical helpdesk support and expert enablement. IVANS,
which was formed by 21 insurance companies, also has offices in Tampa,
Fla. and Cincinnati, Ohio. For more information, visit www.ivans.com.
IVANS, Inc.
Cecile M. Locurto, 203-698-7218
Cecile.Locurto@ivans.com
Copyright Business Wire 2008
