IVANS Insurance Solutions announced this week the launch of its newest service: IVANS Market Appetite. Market Appetite is a search engine tool for property and casualty insurance agents and brokers to help them conveniently connect with carriers and MGAs.
The online tool is now available for agencies registered to IVANS Exchange.
According to the group, the use of Market Appetite can be easily integrated into an agent’s workflow. It works similarly to Google except that Market Appetite instead displays a list of carriers, MGAs, and wholesalers with the search-specified appetite.
IVANS executives say Market Appetite will replace the “tedious traditional methods” used to identify market appetite while allowing agents to easily produce the best possible options for coverage. Also, as Market Appetite directs more in-appetite requests from agents, it could enable markets to write more desired business.
To ensure all information is up-to-date and accurate, the system utilizes real-time capabilities and inferred data from websites and risk guides.
The result, according to IVANS Vice President of Product Management Paul Warga, has been “a flood of agents saying ‘Thank you!’”
“Assessing carrier risk appetite has been an inefficient manual process often hampered by information lags and outdated, inaccurate information that can diminish agents’ and carriers’ ability to effectively conduct business,” Warga said. “IVANS Market Appetite overcomes this challenge and improves agent productivity by providing a streamlined search to access carrier risk marketing at the moment of opportunity.
“Additionally, IVANS Market Appetite enables carriers to more effectively communicate their demand for certain commercial lines risks to increase submissions and drive premium growth.”
The rest of the IVANS team also celebrated the announcement.
“As the industry’s exchange, IVANS connects more than 400 carriers and 28,000 agencies, resulting in more than thousands of interactions and data exchanged daily,” IVANS Market Appetite vice president and general manager Matt Foran said. “With the industry-wide launch of IVANS Market Appetite, IVANS will further connect agents and markets across the entire P&C insurance industry with the right opportunities at the right time to drive the best business mix and coverage for the end consumer.”