Independent agents expect insurance carriers to keep up with the technology transformation of the insurance industry, according to Vertafore's latest report, "
Among other key takeaways from the report, including overall operational process efficiency and excellent communication, carrier technology is one of the most crucial aspects in a carrier-agent relationship.
"Efficient, streamlined processes are the foundation of the agent-carrier relationship and a positive agent experience," said Kelly Maheu, vice president of partnerships and industry relations at Vertafore, in the press release. "This report highlights how carriers and agents rely on technology to make agents' work easier while bringing the human element into the process to strengthen relationships across the distribution channel."
Vertafore suggests in the report that as carriers continue to invest in technology, agents will continue to expect more efficient and accessible tools. When asked to rank the necessity of certain tech, 69% of independent agents ranked digital rating and submission in personal lines a must-have capability. Digital documentation and policy delivery ranked second in importance at 59%, followed by direct bill and commissions download at 57%, digital appetite and eligibility solutions at 53% and digital commercial lines rating and submissions at just over half, 51%, of respondents. The lowest score was given to the automated chatbots, of which only 15% of agents consider a necessity and 38% think does not matter at all.
According to the Vertafore data, the number of carrier partnerships typically determines technology expectations–agents who interact with over 50 carrier partners likely prefer greater tech usage, most notably in direct billing and download, digital claims communication and digital document and policy delivery.
Generational differences also play a key role in agent preferences. For example, 37% of agents between the ages of 18 and 27 consider mobile apps a necessity, while 32% of agents between 28 and 42, and only 20% of those 44 or older, share that expectation.
