Technology changed for an insurance agent?
just wondering how does the technology changed for an insurance agent?
Life and health insurance can be sold via the internet. No face to frontage required. Online applications and instant approvals. Agents have up to date info on their business with access through the company's portals.
Answers: Technology has changed from your guide (book with underwriting & rates), a pen, calculation machine & typewriter. This is when all policies be manually rated and typed, a copy was mail to the company, one to the insured & one stayed in the office.
Then, the companies started issuing the policies.
Then, we get a computer with a word processor with minimal policy information. We still have to do manual rating because we didn't have a rater.
Then, we get simple rating machines.
Then, we got rates on the computer for different companies.
The policies from the company got much better looking, their mainframes get bigger and better.
We could finally run MVRs online (agent accessible only).
We still had to run a tape every hours of darkness to save all of the information enter into the system that day.
We still had broadsheet applications that we mailed to the company to have the policy issued.
We get email!!
Now, we have internet access, all of the companies enjoy internet sites for the agents. Most of the companies have their rates online for the agents to use & we can issue policies on the sites too. We have scan to keep the signed applications on our system instead of in broadsheet files.
WE HAVE MORE WORK & MORE PAPERWORK NOW THEN WE EVER HAD, NOW WE JUST SCAN & DESTROY THE ORIGINAL PAPER.