NU Online News Service, Aug. 11, 12:30 p.m. EDT
Agency principals and high-value producers show a clear preference for carriers with better Web portals to get quotes and submit applications, according to a survey of more than 250 small commercial agents across the country by analyst firm Novarica.
The survey documented the relationship between e-business functionalities delivered through portals and agency management system integration, and how this affects agency commissions.
"Convenience, relationship, responsiveness and speed are the areas most likely to make a carrier the agent's top choice," said Karlyn Carnahan, a principal in Novarica's insurance practice, who led the research project along with analyst Tse Wei Lim.
"While an underwriter relationship may make the difference in whether a carrier is number one or number three for an agent, other factors also are highly correlated with the 'top carrier' position," she said.
Among the functions deemed critical by the agents surveyed are quick quotes, full quotes and application submission, according to Ms. Carnahan.
Application upload, policy download, commission statement downloads and policy quotes are among the critical functions for agency management system connectivity, she added.
An agency's customer service representatives have a strong voice with carriers, according to Ms. Carnahan.
"While a company may hear loudly from principals that certain features are needed, they look to those who actually place the business to determine which features to add next," she said.
The full report is available from Novarica at www.novarica.com.
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