STATISTICALLYSPEAKING
Assessing Agent Preference
New survey reveals what matters to agents when deciding where to place business.
THE DYNAMICS OF CARRIER
choice among agents are complex.
To help shed some light on this topic, Pearl River, N.Y.-based ACORD
has released the results of its 2010
AUGIE survey. The survey queried
independent agents and brokers
about a variety of topics. To give a
greater perspective, the study also
included the results of the same survey taken in 2006.
Though just four years apart, the
survey did yield some marked contrasts. When asked in 2006 to name
their biggest time waster, 47% of respondents chose “duplicate data entry.” This time around, only 27% of
respondents answered in similar
fashion. ACORD credits the deduction to the industry’s Real Time campaign, which encourages adoption
of technologies that provide a single
work;ow for servicing or quoting.
Indeed, the survey found that 89%
of Real Time users save time, with
personal lines users saving an average of 60. 3 minutes per person per
day, and commercial lines users saving 43 minutes per person per day.
The survey also delved into the
factors defining carrier choice by
agents. Here, too, the line of business
was a crucial determinant. For example, in personal lines, price was
the primary factor in placing business, with 35% of respondents saying it was important, ahead of ease
of doing business (28%) and product. For small commercial, ease of
doing business (34%) topped the
list, followed by price (28%) and
product. The factors shifted yet again
for large commercial, with product
(33%) on top, price second (21%)
and ease of doing business third
(11%). INN
Automation Challenges
2006: What is your major automation
time-waster in doing business today?
What matters
most when
placing
business?
Other
12% 10% Multiple user IDs and passwords
Insurance scoring
12%
11%
3%5%
Carriers do
not provide
real-time data
Duplicate
data entry
47%
Personal
Lines
Ease of doing
business 28%
Price 35%
Product 13%
Manual
verification of
transactions
Proprietary
programs/
Small
Commercial
Ease of doing
business 34%
Price 28%
Product 13%
2010: What is your agency’s greatest
challenge in supporting automation?
Other
Budgeting IT
Time and
expense of
changing
technologies
and versions
Learning various proprietary systems27% Multiple user IDs and passwords 22% Time and expense training staff 18% 19% 9% 4% 2%
Medium
Commercial
Ease of doing
business 16%
Price 26%
Product 25%
Finding quality resources
Large
Commercial
Ease of doing
business 11%
Price 21%
Product 33%
Source: ACORD
