Search
 

The Real-Time Divide: Small Agencies That Don’t Cross It Could Die

Having invested many tens of millions of dollars into technology over the past few years, large underwriters have developed tremendous competitive advantages, perhaps foremost among them the ability to write personal-lines business in real time. This real-time functionality—the ability to research, quote and deliver the policy to a customer...

By Mark E. Ruquet | Updated on April 25, 2011

Bob Blitshtein, president and CEO of Insurance Data Processing (IDP), likens the current technology landscape to a battlefield—one where small independent agents are in danger of being annihilated by much larger, better-armed competitors.

Having invested many tens of millions of dollars into technology over the past few years, large underwriters have developed tremendous competitive advantages, perhaps foremost among them the ability to write personal-lines business in real time. 

This real-time functionality—the ability to research, quote and deliver the policy to a customer all in real time—represents a significant hurdle that smaller agencies must find a way to clear if they are going to stay in the race.

“Independent agents are falling behind because they are not using agent portals that provide real-time quoting or are not using agent portals at all,” Blitshtein says.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.