Pressure, Pressure, Pressure

Thoughts from the 2009 eInsurance Symposium…..

During one of the panel discussions, one – maybe two – of the panelists suggested that insurers would see the errors of their ways and change their behavior to better assist agents and brokers.

They were specifically referring to agents desire to enter customer data once regardless of how many insurers they sent the data to get a quote. Their point was that it would benefit them – and their clients – if insurers accepted the same data elements needed to get a quote. (Obviously true.)

And one of the panelists told me (during a side conversation after the formal panel discussion) she was on an ACORD committee that determined that 80+% of the data insurers needed – in this case homeowners insurance – was the same.

So, if insurers wouldn’t change their ways … agents and brokers should unite and submit business to those insurers who accepted the same data elements enabling the producers to only enter the data once.

I don’t think insurers will change .. at least not as fast as producers want. And certainly not until the insurers find other ways to compete.

What do you think?