Got Policies? IVANS Service Helps Feed Commercial Lines Producers
Robert Regis Hyle | March 23, 2016
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers. With its new service, IVANS Market Appetite, IVANS allows agents to see a list of U.S. insurance carriers ranked by market appetite at the moment of opportunity.
This new search engine improves productivity by reducing time spent on the traditional ways of identifying carrier appetite, including referencing carrier risk guides, accessing carrier websites, search engines, historical agent experience, or directly contacting underwriters on an individual basis, according to Matt Foran, vice president and general manager of IVANS Market Appetite.
The product evolved from Applied’s acquisition of EvoSure last September. EvoSure was in existence for about two and a half years and was made up of broker and carrier people who saw a need that was not met in connecting agents with carriers that had an appetite for risk.
“We had a lot of experience in distribution and market selection,” says Foran, who came to IVANS from EvoSure. “The problem is finding the right people for the right risk. We built EvoSure because we couldn't solve those problems. The domain expertise was there, but it lacked the sophistication of non-industry technologists so we recruited people from cutting-edge technology firms and paired them with people who understood the problems and appreciate the role of the underwriter and the agent and we built this tool for them.”
“Applied had a vision of creating a Google-like search engine to help agents,” adds Foran. “(EvoSure) had a similar version with a twist that it could be done at the individual level. (The acquisition) was a marriage of vision, people, and technology.”
IVANS Market Appetite went live last December and Foran reports there are around 50,000 users with access to the tool. Its power comes from the fact an agent has to make just a few clicks to obtain a view across the marketplace to see what carriers are willing to write a particular risk.
Foran explains IVANS started with eight commonly-booked commercial lines products and he expects the number will expand to roughly 90 products by the end of this year.
Acceptance by agents has been important, according to Foran, who points out some agents use the tool three times a week, although the company is not ready to release official figures just yet.
“We are working to identify the amount of premium we are supporting, but we know already it's a big number and the feedback from the agents has been tremendous,” he says.
IVANS is just beginning to engage more carriers, although the system works independent of their engagement, points out Foran. The solution aggregates data across multiple systems and third-party data and infers answers with historical trends for a majority of the carriers in the industry, according to Foran.
“Their engagement simply means how we represent them becomes far more specific and up-to-date and provides them with some ranking advantage,” he says. “We just started signing clients. We have data that helps determine what these carriers are most likely to do. Historical trend doesn't always reflect what they want. Most go through a profitability review every six months.”
Being a client makes things more active on a real-time basis, though, explains Foran. Trends don't define what the insurers don't want.
“The submissions they decline is a tremendous waste of operational efficiency and profitability,” he says. “Being a client of ours offers the ability to improve rankings on search results. It helps to position them more effectively relative to non-participating carriers.”
IVANS releases code every two weeks. Foran believes the evolution of the product is fast and targeted and the direction the new company is headed is where their customers tell IVANS they want to go.
“We are empathetic to the needs of our users,” says Foran. “We want their direction so we can understand their business and their pain, how our tool is working, and what they want it to do. They want us to give them a heads up and where things are going in the next 120 days and the available markets to pursue opportunities. We want to supply answers before someone has to ask the question.”
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Adaptik Named Among Best Workplaces 2017 List
- Guidewire Launches Accelerators to Meet Consumer Applications
- New Platform Enables DRC Customers to Conduct 6,000,000+ Ratings an Hour
- Roost Unveils Next Gen Smart Home Products
- MetLife Auto & Home Offers Digital Products via Guidewire
- Solartis Releases Rating Micro Service with ISO Electronic Rating Content
- Majesco Announces Digital Engagement and Microservices Platform as a Service
- Franklin Mutual Adds Roost Home Telematics Solutions
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
Robert Regis Hyle
Insurance has gone through several business and technology cycles in the last two decades and with the infusion of not just insurtech tools but with... READ MORE
The whole transportation sector is in for massive transformation. The way people and goods will be moved from point A to point B in the future will be... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
The core systems replacement cycle is speeding up. Twenty years ago, even if you spent your entire career working at the same insurance company, you... READ MORE
- Partner News