In a new survey conducted with more than 250 small commercial agents across the country, analyst firm Novarica has documented the relationship between e-business functionalities delivered through portals and agency management system integration and how this affects agency commissions.
“Convenience, relationship, responsiveness, and speed are the areas most likely to make a carrier the agents’ top choice,” says Karlyn Carnahan, CPCU, a principal in Novarica’s insurance practice who led the research project along with analyst Tse Wei Lim. “While an underwriter relationship may make the difference in whether a carrier is number one or number three for an agent, other factors also are highly correlated with the ‘top carrier’ position.”
The study found agent agency principals and high-value producers show a clear preference for carriers with better portals, reports Carnahan, adding among the functions deemed critical by the agents are quick quote, full quote, and app submission.
Application upload, policy download, commission statement downloads, and policy quotes are among the critical functions for AMS connectivity, she notes.
An agency’s CSRs have a strong voice with carriers, Carnahan points out. “While a company may hear loudly from principals that certain features are needed, they look to those who actually place the business to determine which features to add next,” she says.
The report is available from Novarica at www.novarica.com.