Revolutionizing insurance connectivity with Ivans
Revolutionizing insurance connectivity with Ivans | Insurance Business America
Technology
Revolutionizing insurance connectivity with Ivans
Agencies can save two hours per employee each day with automated information exchange
Technology
By
Nicole Panteloucos
This article was created in partnership with Ivans.
In a recent conversation with Nicole Panteloucos from Insurance Business, Kathy Hrach (pictured), senior vice president of product management at Ivans, discussed how their cutting-edge technology is revolutionizing connectivity and driving operational excellence across insurance carriers, MGAs, and independent agencies.
Connectivity boosts your bottom line
Ivans’ advanced software facilitates seamless communication among insurance carriers, MGAs, and independent agencies, streamlining the transfer of crucial information such as policy details, claims data, billing information, compliance forms and other essential documents.
The Ivans 2022 Connectivity Survey revealed that 90% of agencies place more business with carriers offering connectivity, highlighting that tools like Ivans are beneficial for agency profitability. However, many agencies are either unaware of the full range of download services available or mistakenly believe they are utilizing all options.
Gain insight with the Ivans Download Connections Report
Ivans boosts agency connectivity by providing both its software and the Download Connections Report for free, aiming to equip agents with essential tools and insights for improved industry collaboration.
This real-time, custom Connections report offers a comprehensive view of current download connections. Hrach explained: “Agencies can view all insurance companies and carriers they are partnered with, the lines of business and types of connections currently active and identify any available but unused options.”
Hrach emphasized: “For example, one agency with a single carrier might have the opportunity to connect with up to 26 different lines of business or types of downloads, enabling a wealth of information to flow seamlessly into their system.”
This feature also benefits carriers by revealing opportunities to enhance their digital operations. For example, if an agency discovers that a carrier does not offer claims download, they can address this through the Ivans platform.
Hrach added, “If an agency sees that a carrier isn’t providing claims downloads, but other carriers do, they can submit a request through our connections report. This feedback helps carriers realize that many agencies are requesting this feature, potentially leading to its inclusion in the carrier’s technology roadmap.”
Benefits of download connections
Without download connections, agencies may feel left behind, as they are forced to rely on manual entry of policy details. This process is not only time-consuming but also prone to errors, increasing the risk of missing critical information and affecting system accuracy. Such inefficiencies can lead to operational bottlenecks and reduced competitiveness in the market.
Hrach cautioned: “Manually entering policy details for each new or renewed policy can cause errors. Without automated download connections, agencies risk missing important information and encountering inefficiencies that could impact their overall performance.”
Ivans reports that agencies can save approximately two hours per employee, per day, with automated information exchange technologies. Additional benefits include:
Simplified workflows: A unified data exchange system reduces complexity by managing multiple carrier connections through a single workflow, improving efficiency and reducing errors.
Cost savings: Automating document management decreases the resources needed for manual handling, leading to cost savings and better financial resource allocation.
Timely customer service: Instant access to up-to-date information ensures prompt and accurate responses, enhancing customer satisfaction and retention.
Emphasizing the transformative impact of embracing digital solutions, Hrach concluded: “The agencies that are really advancing forward are the ones that are taking a more digital approach to providing a better experience for their own users within their agency.”
To learn more about how Ivans can enhance your agency’s connectivity and streamline your operations, visit the Ivans website.
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