Agency/Carrier Technology - Agreements, Transactions
Insurance company agency agreement wording for both Property Casualty agents and Group Health agents require unequivocal compliance with all current state and federal privacy and data breach response laws. Failure to do so puts the agency in potential breach of contract and liable for all claims incurred by the insurance company under the indemnification clause in their agreement. This could cause serious financial harm for most agencies and agency owners.
The ACT Tech Agreements Work Group has taken a fresh look at carrier-agency contracts, focusing on emerging and existing technology & security aspects. The result is an updated recommendations document with guidelines for carriers, and insight for agents & brokers.
This report, developed by the Agency Real-Time Experience Work Group of the Real Time/Download Campaign, will provide a very useful roadmap for carriers and vendors whether they are implementing real-time transactions for the first time or enhancing and expanding their current real-time capabilities. This implementation tool spells out the 'best practice' real-time workflows which agencies would like to have and which some carriers are already delivering. For real-time implementation to continue to grow among agencies, we need to achieve more consistency in the real-time transactions that are offered to agencies across carriers and lines of business coupled with better performance from those transactions.
This ACT report describes the vision that independent agents and brokers have for real-time endorsement, new business submission, and activity and note transactions. The report then sets out the incremental steps that agents and brokers recommend to the industry to move us toward the ultimate vision for these transactions. This report seeks to set out the agents’ business requirements for these priority transactions to assist carriers and vendors in their development efforts. Several user group leaders representing AUGIE actively participated in the ACT-AUGIE work group that developed this report.
Over one hundred agency, carrier, vendor, user group, and association representatives converged on Quincy, Massachusetts in mid-September to work on improving how agents and carriers do business together.
This article discusses a major agency's experiences in seeking to obtain needed improvements in these agreements to conform them to the way agents and carriers are doing business today.
This ACT report includes major principles that agents and carriers should consider including in their technology agreements. These agreements have become more important as the level of agent-carrier electronic interaction has continued to increase. ACT encourages agents and brokers to carefully review their current technology agreements with their carriers, to understand and implement the requirements contained in these agreements, and to encourage their carriers to follow the recommendations contained in the ACT report in their agreements.
These agreements have become a lot more important as agents and carriers have increased their electronic interactions. This article overviews the key principles contained in ACT’s recent report, Guidelines for Effective Agent-Carrier Technology Agreements, which is also found on the ACT web site in the Technology Reports section. ACT encourages agents and carriers to negotiate and include these key principles in the technology agreements running between the parties