IVANS will enable insurers to receive risk information directly within their policy administration system and offer rapid cycle times
US-based insurance firm Hanover Insurance has selected IVANS, a division of Applied Systems, to automate its end-to-end commercial lines submissions process.
The company will partner with digital insurance technology start-up Indio to leverage its IVANS Submissions to automate the submissions data exchange between agency and insurer systems.
The insurance software will enable insurers to receive risk information directly within their policy administration system, and offer rapid cycle times.
The Hanover senior vice president and deputy chief information officer Willard Lee said: “The independent insurance agency channel is key to our distribution strategy, and we want to ensure that we are collaborating with our partner agents to innovate and pilot new capabilities in our rapidly changing environment.
“IVANS Submissions will allow us to improve the commercial lines submissions process, automating data exchange between systems and eliminating the time consuming, paper-based back-and-forth between the customer, agent and underwriter.”
In addition to Indio, a cloud-based insurance application and renewal software is offered to underwriters, eliminating the need to obtain missing data and attachments.
With the cloud-based tool, insurers can digitise forms to ensure that agents and customers capture the required risk information.
IVANS Submissions helps insurers connect to policy administration system
IVANS Submissions is said to offer API choice for insurers, enabling them to manage the submissions data exchange and connect to policy administration system, portals and other third-party applications.
Furthermore, the tool will help insurers to reach the right agents with the right products, as it is connected to the wide-ranging IVANS network of agencies.
IVANS Insurance Solutions vice president and general manager Thad Bauer said: “Commercial lines submissions has historically been a tedious and lengthy process between insurers and their agency partners, requiring many touchpoints to send and receive all of the correct information to begin a submission request.
“We are excited to work with The Hanover as a leading insurer embracing digital distribution to automate the commercial lines submissions process, allowing a seamless exchange of data and giving more transparency into the submissions process to reduce the time and effort for the insurer, as well as its agents and customers.”