Data Integrations Between Agency Management Systems and Insurer Core Record Systems Increasingly Important
Novarica’s study of commercial lines agents from the 400 Under 40 young agents group highlights most important attributes of agency management systems
Boston, MA (Nov. 10, 2020) – Independent agents expect more from their agency management systems (AMS) to support new business, customer service, and agency operations in a dynamic market. In a new executive brief, Agency Management Systems: Capabilities and Insurer Integration, research and advisory firm Novarica draws on the insights of its 400 Under 40 community of high-performing young agents about their experience and needs with AMS and insurer integrations.
“Young agents are very aware of the capabilities of their current AMS platforms, but these capabilities vary widely in both availability and usage,” said Paul Legutko, VP of Digital Marketing and Analytics and co-author of Novarica’s new report. “Insurers should consider that two-way data integrations between AMS platforms and core record systems might be a quick way to improve agent satisfaction and improve policyholder experience.”
Click here for the table of contents or to access the report.
Report Summary
This study of young commercial lines agents provides insights on satisfaction levels with the capabilities of their agency management systems (AMS), and the ability to integrate with their insurer partners. AMS provide agents with many capabilities that help them sell insurance, service their customers, and manage their workflows. But they vary widely in which capabilities are offered, how frequently they are used, and how effective or easy to use agents think they are.
Novarica’s study of commercial lines agents from the 400 Under 40 young agents group reveals that some capabilities, such as policyholder information downloads or document management, are table stakes for an effective AMS. Other capabilities, such as performance dashboards or lead management, show different rates of adoption or perceived need by agents. Finally, some capabilities such as uploads to insurers and compliance monitoring do not seem to be offered by AMS platforms, although agents perceive a need for them.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.
Source: Novarica
Tags: Business Process Management (BPM), core systems, data, Novarica, project management
Read the original article at Insurance-Canada.ca