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Insurance Industry News from ProgramBusiness.comBig Real-Time Increases
Storefront owner AMS Services, the leader in insurance agency automation, just released connectivity transaction statistics that show tremendous growth and support for AMS Services real-time solutions. AMS TransactNOW®, a single-entry, real-time interface services platform, showed a 58 percent increase in transactions for the first quarter of 2007 over the same time period last year putting the company on track for more than five million transactions this year. AMS SETWrite™, a real-time, multiple-company rating solution, is also breaking records with a 483 percent increase in monthly real-time transactions over 2006.
"The industry is starting to see tremendous cost savings from real-time, multiple-company rating," said Bill Bunker, senior vice president of products and marketing, AMS Services. "We believe that solutions like ours will save the industry $30–50 million annually." *
With products like AMS TransactNOW—a solution that enables users to write new business with carriers and service clients in real time, without ever leaving their agency management systems—AMS Services is making it easy for agents and carriers to connect. Users are recognizing the benefits of connectivity and AMS TransactNOW usage is gaining traction with a 58 percent increase in transactions in first quarter 2007 over the same time period in 2006. More than 70 carriers now support the solution through AMS TransactNOW service transactions, endorsement processing, quoting functions and Carrier Passport—an automated sign-on portal.
Users of AMS TransactNOW recently received an automatic product update that improves performance, usability and workflow. This new release includes a modernized user interface for easier navigation, new tabs that support different transaction types and support for the latest Microsoft technology.
"Real-time agency interaction is important to easy, efficient business placement and using AMS Services connectivity solutions has corresponded to an upswing in agencies doing business with us," said Alpa Patel, CIO – Business Insurance, in The Hartford’s property & casualty organization. "We have gained a preferred position with agencies, in part, by supporting AMS Services technology and enabling real-time access."
AMS SETWrite, the industry's most comprehensive, real-time, multiple-company rating solution, is seeing prodigious growth with a 483 percent increase in monthly, real-time transactions over 2006. AMS SETWrite provides an intuitive workflow, one-time data entry and single sign-on so agents can get accurate, real-time rates from multiple carriers quickly and easily. With the advanced comparative rating capabilities in AMS SETWrite, agents have instant access to the best rates from leading national and regional carriers, along with the confidence that quotes are accurate.
AMS SETWrite recently added Solutions at Quote powered by ChoicePoint®. Integrated into AMS SETWrite, Solutions at Quote further reduces data entry by eliminating the need to enter vehicle and driver information including Vehicle Identification Numbers (VIN) and drivers' license information during the quoting process. The vehicle and driver information is pulled directly into AMS SETWrite from ChoicePoint and is used in creating accurate, real-time insurance quotes resulting in more cost-effective operations and easier new business generation.
"Clark Associates uses Solutions at Quote to bring vehicle and driver information directly into AMS SETWrite. The sales agents no longer need to enter the 17 digit VIN, undisclosed drivers are automatically imported and it immediately provides us with the driver's basic information so we can quote more policies in less time," said Patti Deschaine, Clark Associates.
AMS Services maintains two storefronts on ProgramBusiness:
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