Author: Christen Kelley, VP
Every year, Ivans® surveys industry professionals to understand their needs and preferences regarding the future of insurance technology. This year, over one thousand industry professionals, including agents, carriers, MGAs/wholesalers and technology providers, completed the survey.
Key survey findings indicated:
- Agency Demand for Greater Access to Appetite: 76% of agents said they cannot win an opportunity because they can’t find or access a market that will quote the risk, up 3% from last year.
- A Continued Quoting Disconnect: While 55% of agents say they use carrier portals to quote commercial lines (up 5% from last year), only 32% prefer to do it that way.
- Embracing Tech to Help with Commercial Lines: 85% of carriers are willing to invest in new technology to receive more complete submissions to reduce underwriter-agent back-and-forth.
- A Rise in Excess and Surplus Lines: 48% of agencies are placing more business with E&S companies. The E&S market is growing rapidly and is expected to surpass $100 billion in written premiums in 2024.
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The Ivans Connectivity Survey findings are based on responses to questions about agency, carrier and MGA technology use, and participants responded voluntarily. Follow us on LinkedIn and subscribe to our newsletter to see more results from 2024.