Archive for the ‘Distribution’ Category

Canadian P&C Insurers: Full Speed Ahead on IT for Distribution and Policy Admin

February 23, 2009

Just back from the Insurance Canada P&C Technology event in Toronto. There were many strong sessions, and a great attendee group. We had the opportunity to present the results of our insurer and broker research on the Canadian market which we’ll be publishing shortly. According to our research, Canadian P&C insurers of all sizes are continuing to increase their IT spending, with a universal focus on distribution and policy administration systems/legacy system modernization.

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If you’re interested in our Canadian research, please contact me at mj@novarica.com

Reporting from LOMA Distribution Technology Conference

February 19, 2009

I’m down here in sunny (but cold) San Diego attending the LOMA Distribution Technology Conference.  There have been some very interesting presentations so far.  Most of the sessions I’ve seen so far are looking at the power of using new internet technologies to drive marketing.

There’s a lot of buzz during the breaks about the sessions on how to use social networking tools, when to use aggregators, and which web marketing techniques are best for driving production.  One session focused on techniques for implementing new technology to agents, and another focused on generational differences in preferred methods for interacting with insurance carriers.

Whether it’s utilizing web 2.0 to design new products, or using straight through processing on the web to expand your distribution channel, it’s clear that carriers are doing more than just thinking about emerging distribution technologies.

The key is making sure that an appropriate ROI is being generated from moving into these new areas.  That means setting appropriate goals for new marketing initiatives, choosing the right technologies to enable initiatives, and implementing the initiatives appropriately.

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Survey of Realtime Users Shows Usage of Realtime

February 11, 2009

Interesting survey out this week from GetRealTime.org, the ACT/Augie/ACORD group promoting agency management system connectivity as the path for carrier/agent communication.  I&T had a good article about it here. Of the 3,200 agents surveyed, the majority are using realtime (or, as it used to be known, agency management system bridging) to communicate with insurers.

Notable in the survey though was the high disparity between personal lines and commercial lines adoption. While it was not stark for inquiry (87% of agents reported using realtime for personal lines billing inquiry v. 75% for commercial lines), quoting was miles apart at 43% of respondents quoting personal lines through realtime compared to only 18% for commercial lines.

In our P/C CEO survey in 2008 (webinar here), most CEOs were more enthusiastic about the value of their own portals than their agency management system connectivity efforts. However, we believe that carriers should carefully consider the benefits of an integrated strategy that combines both portal functionality and integration with management systems.

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The Novarica Market Navigator report on solution providers that enable agency management system connectivity is coming out this week. Stay tuned!

Update: Report published!