IVANS execs optimistic about insurer connectivity
'Data' is no longer a buzz word, and top-tier insurances carriers are moving beyond 'digital transformation.'
IVANS, the provider of insurance software solutions and a division of Applied Systems, is all about carrier connectivity.
So when its executives opine about what lies ahead in the insurtech world, they’re optimistic about the growth of predictive analytics and digital claims management, thanks to the role data can play in linking insurance carriers to other players in their technology ecosystems.
IVANS CEO Reid Holzworth said in a recent statement that the time is now for transforming “data” from a buzzword to a serious business tool.
“Carriers have been going through a digital transformation to build out their systems,” Holzworth said. “Now we see them really leaning into the data flowing through those systems and looking for ways to connect their portals to other technology that gives them a competitive advantage.”
He predicted that advanced insurance carrier connectivity could lead to the end of individual quoting while shoring up some risks, particularly in the commercial insurance space. “Since it’s not as costly to write micro and small commercial lines if agents can input data once for multiple quotes, we will see new opportunities open for those lines of business,” Holzworth said.
His optimism about insurtech progressive in 2024 is shared by Ivans CTO Pat Forgione, particularly as the previous year was so focused on the emergence of AI and machine learning tools — tools that have tremendous potential to solve insurance-industry problems.
“Our industry has been stuck in a legacy world of processing paper faxes, PDFs, and handwritten notes, which is too time-consuming and costly for agencies and their clients,” Forgione said in a recent press release. “Digitizing this process will make resolving claims much quicker and easier for all parties involved and will bring us one step closer to completing the full digital roundtrip of insurance.”
Holzworth and Forgione have reasons to be optimism, as IVANS ended 2023 on a high note. The company was named a Bronze winner in the Most Innovative Company of the Year category in the Best in Biz Awards, an independent business awards program. And its parent company, Applied Systems, collected several business awards to close out 2023.
See also: