PIA Calls Industry Meeting to Discuss Potential of Policy Binding on Agent Websites

Nov 19, 2015, 15:30 ET from National Association of Professional Insurance Agents

WASHINGTON, Nov. 19, 2015 /PRNewswire-USNewswire/ -- The National Association of Professional Insurance Agents (PIA) will conduct an industry discussion session to flesh out the concept of agents offering a level of purchasing capability on their websites.

There is ongoing discussion within many different circles – agents, companies, vendors, user groups, etc. – about the inability of a consumer to bind a policy on an agent's website. Currently, many agents have a comparative rater that offers a quote, but should a consumer like the quote, they can't bind the policy unless the agency is open for business.

"Creating an option for independent agencies to offer a 'buy button' on their websites could open doors to a new segment of business," said PIA National Executive Vice President & CEO Mike Becker. "Likewise, there is significant concern that going too far with digital operations could undermine the value proposition of having a retail operation and a personal relationship with one's insureds."

PIA National will hold a meeting with the different groups to put the topic on the table and have a collective conversation. The meeting will be held on January 21, 2016, at the headquarters of ACORD, the Association for Cooperative Operations Research and Development, in Pearl River, New York.

"ACORD is delighted to serve as the venue for this significant industry discussion session called by PIA," said Greg Maciag, CEO for ACORD. "Whenever there is a need to consider how technology can affect insurance transactions, the participation of PIA agents in the conversation is central to the process." The meeting was announced during the ACORD2015 conference in Boca Raton, Florida.

Becker said that PIA decided on a structured conversation among all stakeholders, with agents at the table. "On the carrier side, while many see the upside, some carriers are noting other hurdles, such as paying for MVR fees," Becker added. "User groups and vendors that can create capabilities also have a role in discussing the various technical aspects, but the focus must always be on the agent."

For more information about the meeting, contact http://www.pianet.com/buybutton.

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 America SM. PIA's web address is www.pianet.com.

This press release is online at:
http://www.pianet.com/news/press-releases/2015/piacallsidustrymeetingdiscusspolicybindingonweb111915

 

SOURCE National Association of Professional Insurance Agents



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