Archive for the ‘eBusiness’ Category

Agency Connectivity Market Navigator Published

February 23, 2009

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.

ceo-survey-webinar

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

Update: Report published!

Social Media and Engagement

February 4, 2009

The February 2009 issue of Best’s Review has a cover story, “Crashing the Party,” about how some insurers are using social media as an effective marketing tool (specifically, Allstate and Esurance).

Karlyn Carnahan has touched on social media strategy as well, both on this blog and in her recent report.  Even low-investment tactics, like adding widgets to allow customers to share website content via Delicious, Digg or Google Reader can have an impact in growing your brand and increasing engagement with existing and potential customers.

Like the one below this post 🙂

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New Report: Online Self-Service in Small Business Insurance

February 2, 2009

While an increasing number of insurers are evaluating self-service capabilities, a surprising number are wary about offering small business self-service capabilities, primarily out of a fear of disrupting the independent agency channel they depend so heavily upon. Ironically, most believe that the market is ready and that someone else will offer this within 2 years.

Report Summary: http://www.novarica.com/report_smallbiz_service.shtml

Press Release: AXA EQUITABLE, MASSMUTUAL, AND NEW YORK LIFE PRAISED FOR STRONG ONLINE OFFERINGS IN NEW REPORT

January 29, 2009

January 29, 2009 (New York): Novarica, a research and advisory firm, singled out MassMutual, AXA Equitable, and New York Life for their strong online customer service offerings in a new report published today, Online Customer Service at Top US Life/Annuity Insurers.

“Even the highest-touch, most-adviser-oriented companies realize that their high-value customers are managing more and more of their financial lives online,” commented report co-author Matthew Josefowicz, director of Novarica’s insurance practice. “Although none of the leading life/annuity companies have yet taken the leap to online sales (or even online quoting), a strong service capability for current customers and rich educational content to lure new customers into a conversation with an agent are becoming competitive necessities, especially as Generations X and Y move into their prime accumulation years.”

The report ranks seven leading insurers’ websites in 15 categories, including overall ease of navigation; online payments, policy changes, funds allocation/transfer, account viewing, claims submission, withdrawals, calculators, planning tools, and policy loans; non-English language materials; agent/office locator; educational multimedia and articles; and social bookmarking/sharing functionality.

COMPLETE PRESS RELEASE HERE