Efficiency, Connectivity Are the Key for Linking Industry Members
Unless you’ve literally been trapped in a distant cave somewhere for years, you have probably noticed the concept of complete, 24-/7 mobile connectivity has seemingly taken over just about everywhere. Take a look around, and the plethora of on-the-move connective devices—smart phones, tablets, laptops, Google glasses, and other electronic items—is staggering, not to mention the fact that people young, old and everything in between are on these devices constantly while they are in motion, from morning to night. This phenomenon has not been lost on the insurance industry, as carriers continue to work to develop automated insurance rating system technology that enhances fast and furious connectivity across all the segments in the chain of distribution, from the underwriters who analyze risks down to the policyholder who has peace of mind knowing that he is protected from financial disaster in the event of a catastrophic loss.
A steady state of process improvements
Managing general agents, program administrators, and insurance carriers alike are finding that their jobs are made all the more simple with the technological developments that continue to revolutionize the industry. Take commercial lines rating systems, for example. The best providers of these systems have designed them to interact seamlessly with a variety of independent administration systems, so that wholesalers and agents can ditch the dreaded, old-fashioned duplicate entry in favor of modules that let them accomplish everything from obtaining data to quote an account through processing the final policy. Even better, many of these systems are now accessible on mobile devices!
Accuracy is affected for the better
As a byproduct of reduced levels of duplicate entry, the accuracy of the databases that are used by an automated insurance rating system is vastly improved. Because the industry relies on the accuracy of this information to perform basic functions and complete all manner of transactions, the quality (or lack thereof) of the content can have a direct impact and thus, affect the efficiency (and ultimately impact costs) of everyone that accesses the information along the way.