Best Review Reports Agents Warn Insurers: Keep the Human Touch or Risk Losing Our Business.OLDWICK, N.J. -- Agents and brokers are pleased that insurers are upgrading electronic links between companies and producers, but say that emphasizing automation without human support will turn them away, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new survey conducted of Best's Review subscribers. Respondents ranked fast turnaround times (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. on submissions as the top service an insurer can offer, followed by easy access to insurance underwriters, according to the survey conducted online in May. Underwriters help determine whether the insurer can accept a risk and at what rate. Survey respondents, 70% of whom are agents, brokers or advisers, repeatedly asked for speedier quotes and claims service. But many emphasized the importance of communication about risks and the ability "to speak with a real person during regular business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a ." About 80% of respondents said underwriters should be available until at least 5 p.m. in all U.S. time zones, and most suggestions of a reasonable amount of time for quote response ranged from one day to five days. The ease of doing business with an insurer is more important than premium and commission for a third of respondents and about equally important for 62%. Some respondents praised the use of e-mail and insurer Web sites, particularly the availability of underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. requirements, target appetites, prequalification tools, quick quotes, endorsements and forms online. Others are less enamored en·am·or tr.v. en·am·ored, en·am·or·ing, en·am·ors To inspire with love; captivate: was enamored of the beautiful dancer; were enamored with the charming island. with online capabilities. "Many are doing it; few are doing it well," said one respondent In Equity practice, the party who answers a bill or other proceeding in equity. The party against whom an appeal or motion, an application for a court order, is instituted and who is required to answer in order to protect his or her interests. . "Technology without people is worse than no technology at all." Respondents are most vocal when it comes to discussing the role of underwriters who work for insurers: --"Different underwriters at the same company will actually contradict con·tra·dict v. con·tra·dict·ed, con·tra·dict·ing, con·tra·dicts v.tr. 1. To assert or express the opposite of (a statement). 2. To deny the statement of. See Synonyms at deny. each other." --"New underwriters come in not trusting what you say to them, so you have to start from scratch to start (again) from the very beginning; also, to start without resources. - Thackeray. See also: Scratch ." --"Underwriters can become too close to an account, just like becoming too close to an agent." Most respondents said insurers communicate their goals clearly to agents, but 43% said that often was not the case. Complete results of the survey are available in the June edition of Best's Review, published by the A.M. Best Co. To subscribe, call (908) 439-2200, ext. 5742 or visit http://www.bestreview.com/subscribe. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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