Desperately Seeking SEMCI? Producer Views That Might Change The Debate
| Boston, MA, USA June 30, 2004|
Desperately Seeking SEMCI? Producer Views That Might Change The Debate Insurance
Single Entry Multiple Carrier Interface (SEMCI) is clearly good for independent producers. But do SEMCI benefits outweigh its cost to carriers?
The SEMCI debate seems to thrive on unchallenged assumptions. Celent's latest report, Desperately Seeking SEMCI? Producer Views That Might Change The Debate, explores these assumptions from the producers perspective.
"SEMCI is a great idea if youre a producer," says senior analyst
Craig Weber, author of the report. "But the benefits of SEMCI for producers come at a considerable cost to carriers."
"The technology cost is only the beginning," Weber says. "Commoditization of products and core services like new business makes it hard for carriers to differentiate themselves. And in any case, SEMCI is a luxury item for producers, well behind product and price as a key driver of carrier choice."
Weber adds that agency management systems and producer portals overlap in terms of functionality. "The portals tend to deliver richer functionality, which also offsets the value of SEMCI in many cases," he says.
A key finding of the report is that over half of all producers surveyed said they would use either agency management systems or proprietary carrier systems, as long as those tools make their job easier. (See Figure 1.)
The report summarizes producer views on a variety of issues related to use of agency management systems and proprietary carrier systems. It is based on a survey administered to independent producers in June, 2004.
Other key findings discussed in the report include.
Table of contents is available online.
of Celent Communications' Property/Casualty Insurance research service can download the report electronically by clicking on the icon to the left. Non-members should contact email@example.com for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
|Boston, MA, USA June 30, 2004|
Desperately Seeking SEMCI?
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