5 Industry Stats You Need to Know
Insurance | Bob Bardwell, COO, Ivans | Feb 21 2023
It is an exciting time to be in the insurance industry, with technology making it easier for agencies, carriers and MGAs. With the Digital Technology Adoption Trends audiobook, you can unlock the latest industry insights – from pain points to preferences.
Here are five stats that show the industry is making progress and emphasize the need to embrace digital connectivity.
1. eDocs and Messages are on the Rise
88% of carriers use eDocs and Messages to automatically send documents and messages to agency partners’ management systems, up 17% from last year. Agencies continually tell us they want download. They also love their agency management systems. Download, including eDocs and Messages, is a win-win – saving agencies, carriers/MGAs time and money.
2. Claims Automation Is Trending
85% of carriers use download to send claims information, up nearly 20% from 2021.
3. Technology Is Leveraged for Submissions
While there is still room for improvement, we see more technology being used for submission processing – increasing from 29% in 2021 to 41% in 2022.
4. In-Person Methods to Find Agencies Are Up
Everyone in the industry is trying to find the perfect balance between in-person and digital. And now, there are more opportunities to reconnect in person. Methods to find agencies such as tradeshows are up to 44% from 31% in 2021.
5. The Industry Is Hungry for Commercial Lines Submissions Automation
57% of agencies say they want additional commercial submissions automation capabilities from carriers, up from 53% in 2021. Customer expectations have continuously trended towards quicker service and more digital options.
Spark Better Partnerships
Knowing industry trends and preferences gives you the information you need to spark better partnerships and more profits. The new year is a great time to get started, but digital connectivity is essential all year. Use our 2022 Digital Technology Trends report to unlock the insights you need to succeed.
Read the original post on the Ivans blog.
Tags: Insurance , 2023 Trends