Donald Light, senior analyst for Boston-based researcher Celent Communications, said this new technology would ultimately help agents and brokers do the thing they want to do: sell.

iConnects latest version, explained Linda Heinig, a spokeswoman for Metaserver, is so new that it is just now beginning to be installed in carriers' data systems. The new technology is intended to allow existing carriers systems to collect data from third-party vendors, such information as motor vehicle records, C.L.U.E and credit reports.

The new technology, said Mr. Light, also works to facilitate and accelerate [a carriers] communication with agents.

The technology, he said, should be looked at as a new model car built on an existing chassis with enough new features and pizzazz to have it have its own nameplate.

When a carrier signs onto the program, he said, there will be little immediate difference seen in the onscreen functionality of their agency management system or portal site with the carrier. However, producers should experience a difference in accuracy, turnaround time and productivity.

Mr. Light explained that when carriers adopt this new technology, the time they spend doing the things that they have to do–quote and issue policy, endorsement and inquiries on commissions or making an inquiry about a claim status–will be reduced.

What iConnect does is when carriers have all the information that they need, it gives agents more time to sell faster and more intelligently without needing to go back and remake an application on information request, said Mr. Light. We are going to have once-and-done entry by agents on the increase.

Traditionally, he explained, the underwriting process means aggregating pieces of information to make a complete application. This process is time- consuming. An application that goes through the iConnect system cuts down on that time by looking for the third-party information needed to complete the application. When that information is assembled, the carrier is presented with a complete application.

The likelihood of the system or the underwriter going back to the agent will be lowered, but it will never be eliminated, said Mr. Light, noting that there will be instances where something may need to be clarified.

What it does for carriers, he explained, is to give them a new set of pipes so they dont have to worry about the leaks in the old set, and it frees up IT resources to do stuff of more value.

Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, March 5, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved. Copyright in this article as an independent work may be held by the author.