Personal lines real-time rating saves agencies and brokerages roughly an hour per personal lines employee per day. Commercial lines download saves nearly an hour per commercial lines employee per day, while commercial lines real-time rating yields just over half that amount of time savings.
Respondents indicate Real Time and download deliver a wide range of benefits besides time savings. "These include improved information accuracy, better activity documentation, easier password maintenance and other efficiency gains," notes campaign co-chair Joyce Sigler, CISR, CPIW, CPIA, NcAM, vice president and corporate secretary at Jones & Wenner Insurance Agency in Fairlawn, Ohio. "Real-time tools also free up time that can be devoted to selling and account rounding, and they help agents quote more business more quickly."
Real-time inquiry and service activities are performed by three-fourths of respondents, up considerably from roughly one-half of those who reported using them in 2011. Those who use them save, on average, 53 minutes per employee per day.
* Real Time is the ability to click on a button from a client file in your agency management system or comparative rater for immediate access to carrier information on that client. The transaction may be a quote, billing inquiry, claim inquiry/loss runs, policy view, endorsements or a request for information. This approach provides a single workflow for servicing or quoting.
** Download is the movement of customer policy data from an insurer to its partnering agency or brokerage's agency management system. This download directly to the agency management system normally occurs after a transaction is performed by an agent, such as adding a vehicle or changing a deductible; or by the insurer, such as creating an automatic renewal notice.
About the Real Time/Download Campaign: Launched in 2007, the Real Time/Download Campaign (www.GetRealTime.org) is dedicated to improving the competitiveness of the independent agency distribution channel. The campaign isn't advocating a specific technology, but a workflow approach that frees up more time for agencies to sell, process and service business. Most agents can leverage tools already contained in their agency management systems or comparative raters.
Campaign participants include agents, brokers, carriers, technology providers, user groups, and agent and industry associations. The campaign is led by industry groups and sponsored financially by: ACORD and the ACORD-User Groups Information Exchange (AUGIE); Allied Insurance/Nationwide; Applied Systems; Applied Systems Client Network (ASCnet); CNA; EMC Insurance Companies; Erie Insurance; Grange Insurance; Harleysville; The Hartford; Independent Insurance Agents & Brokers of America (IIABA) and its Agents Council for Technology (ACT); IVANS; Liberty Mutual Insurance; MetLife Auto & Home; Network of Vertafore Users (NetVU); PIA of New York, New Jersey, Connecticut & New Hampshire; Progressive; Travelers; Vertafore; and Westfield Insurance.