Download connections in insurance: explained
Download connections in insurance: explained | Insurance Business Canada
Technology
Download connections in insurance: explained
Experts at insurance conference offer their insights
Technology
By
Nicole Panteloucos
In today’s increasingly digitalized insurance landscape, efficiency and accuracy are more crucial than ever. As agencies and carriers strive to deliver seamless customer experiences, manual data handling can slow processes and increase the risk of errors. Thankfully, download connections offer a solution.
A major topic of conversation at this week’s Applied Net conference in Nashville, Tennessee, download connections are transforming how agencies and carriers exchange information. However, for those not yet fully utilizing them, the concept can be difficult to grasp. So, what exactly are download connections, and how can they promote workflow efficiency?
Bridging the information gap between agencies and carriers
Download connections refer to the automated transfer of data from an insurance carrier to an agency’s management system. These connections streamline operations by allowing agencies to automatically receive updates directly from carriers, reducing the need for manual data entry and ensuring that information like policy details, endorsements, claims, and billing are updated in real time.
Reflecting on the evolution of the downloads industry, Reid Holzworth, CEO at Ivans, shared, “When carriers first began developing policy administration systems over 40 years ago, they figured, ‘if I can connect directly into an agency, that agency is going to write more business with me’. Why? Because imagine having to key in policy information, commission statements, all of that, manually.”
As Holzworth revealed: “On average today, an agency that uses download saves seven hours per employee per week.”
Agency adoption remains a challenge
Despite the clear time-saving benefits that download connections offer, both Holzworth and Graham Blackwell, president of Applied Systems, pointed out a significant challenge: cultural adoption. Although download technology is advancing rapidly and has the potential to revolutionize communication between carriers and agents, the transition is still slow. This is particularly true on the agency side, where long-standing practices create resistance to change.
Blackwell observed: “People often say, ‘I know this [downloads tool] is better, but I’m used to doing it the old way. I know it’s probably better for me to go into a portal and get quotes for my customers, but I can also make some phone calls and get my quotes that way.’ So, adoption and change management can be an enormous challenge.”
What are other benefits of using download connections?
While the adoption of downloads in the insurance industry may take some time to become universally accepted, the wide range of benefits remains significant.
During yesterday’s Applied Net panel session, Download Connections 101, Jacki Fraggis, director of agency management systems and carrier services at Gallagher, highlighted several other key benefits of integrating download connections:
Improved communication: Automated data flow fosters better communication between agents and carriers, leading to more efficient interactions and fewer delays in processing.
Real-time information: Agencies receive instant updates on policy changes, endorsements, and claims, which helps them stay current and respond quickly to client needs.
Cost savings: Reducing the need for manual data handling lowers operational costs for both agencies and carriers, making the process more cost-effective.
Accurate book of business: Download connections ensure that agencies maintain an accurate and up-to-date book of business, reflecting the most current policy information and client details.
Scalability: Download connections facilitate the handling of increased data volumes as agencies grow, supporting scalability and maintaining efficiency.
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