Growth attributed to new transactions, carriers and agency management vendors
ORLANDO, Fla. � May 23, 2005 � IVANS, Inc., the leading provider of e-commerce and networking solutions for the insurance and healthcare industries, announced at the ACORD LOMA Insurance Systems Forum that Transformation Station� (TS) transactions had reached a record high of more than two million. In April alone, almost 218,000 transactions were processed, which translates to an average of more than 10,000 transactions per business day, more than double the average of 4,800 a year ago.
�The growth in Transformation Station demonstrates the increasing importance of real-time transactions and ACORD XML standards to the insurance industry,� says Clare DeNicola, president and CEO, IVANS.
In part, this growth is fueled by the increase in the types of transactions available through TS. In 2005 alone, more than 25 carriers have made new transactions available. As of April 2005, a total of 82 carriers have signed on to implement real-time solutions through Transformation Station, more than double the number in April 2004.
The number of agency management systems participating also has doubled in the past year, to nine, with Ebix and MI-Assistant the most recent vendors to sign on. Ebix is in development with TS and is expected to release this summer, and MI-Assistant is currently in pilot with West Bend Mutual as well as other carriers. In addition, NASA has recently launched real-time quoting through TS with four carriers and is in testing with two additional carriers.
Quoting is the fastest-growing transaction type available through TS, representing more than 20 percent of transactions and second only to inquiry. In October 2004, quoting represented just 10 percent of all transactions.
�Being able to obtain quotes in real time through Transformation Station is invaluable for independent agents,� says DeNicola. �It reduces the possibility of errors and saves time because agents have to enter information only once.�
The use of alerts also is expected to grow in the coming months. Applied Systems currently is piloting alerts, which allow carriers to transmit messages to agents within their agency management systems. These messages can include policy cancellations, renewals and audits.
In addition to carriers and agency management system vendors, Safelite Solutions and American Driving Records are now participating in TS, allowing agents to submit glass claims and request motor vehicle department driving records, all from within their agency management systems.
�The growth in carriers, transactions, vendors and partners makes Transformation Station a one-stop solution for independent agents,� says DeNicola. �It�s an integrated, industry-standard solution that improves efficiencies and allows agents to obtain the information they need from within their agency management systems.�
IVANS, Inc. provides the insurance and healthcare industries with fully managed network, EDI and agency-company interface solutions that provide seamless integration over public or private infrastructures. Headquartered in Old Greenwich, CT, IVANS serves over 475 insurance and healthcare organizations, more than 30,000 independent agents and 28,000 providers. IVANS, which was formed in 1983 by 21 insurance companies, has offices in Tampa, FL, and Cincinnati, OH.