WASHINGTON, May 18, 2016 /PRNewswire-USNewswire/ -- The Executive Board of NetVU, the Network of Vertafore Users, has voted to formally support the position of the National Association of Professional Insurance Agents (PIA) regarding the Buy Button as conceived by PIA.
The Buy Button is the ability for agents to bind a policy in a once-and-done fashion, in real time in their agency systems, from among their appointed carriers, regardless of the point of engagement or policy sale. The technology exists to do this, but has yet to be used in this manner.
Currently, agents must leave their systems, or bridge to the carrier system, to bind a policy. The buy button will empower agents to bind coverage in real time for prospects or clients who call on the phone, walk into the agency, meet, or visit online.
"The goal of NetVU's formal support of this initiative is to be able to provide consistent messaging to our members, carriers and vendors in support of making buy button functionality a reality for independent agents," said NetVU Chairman of the Board Keith Savino.
In January 2016, PIA National initiated an industry-wide dialogue on the concept of independent agents offering real time binding of insurance policies, which could include a level of purchasing capability on their websites. PIA convened a meeting among all stakeholders—carriers, agents and technology vendors—held at the headquarters of ACORD, the Association for Cooperative Operations Research and Development, in Pearl River, New York, to discuss the topic.
In March 2016, PIA adopted a position in support of the buy button concept. That position was then endorsed by NetVU.
"This is all about empowering agents, carriers and consumers," said PIA National Executive Vice President & CEO Mike Becker. "The buy button will create new opportunities to reach markets that currently go untapped for most agents. It will expand choices for consumers and build business for our carriers. PIA thanks our colleagues at NetVU for their support of PIA's initiative."
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street AmericaSM. PIA's web address is www.pianet.com.
The Network of Vertafore Users (NetVU) is an independent, national volunteer-driven organization committed to providing industry advocacy, world-class education and networking to the more than 30,000 insurance agencies, carriers, MGA/MGUs, and compliance organizations using Vertafore technology solutions. NetVU members reside in every state and are supported by over 55 local and virtual Chapters led by NetVU members. To learn more about NetVU, please visit www.netvu.org.
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SOURCE National Association of Professional Insurance Agents