In the February issue of The MReport Abby Gregory featured a Q&A session with IDS EVP Mark Mackey. Today I am going to feature one part of the Q&A. If you want to read the whole article you can read it on page 53.
As a leader for IDS, Mark Mackey believes that maneuverability bests ability when it comes to stimulating success, and in 2013, he's focused on building greater flexibility to ensure momentum- no matter what path the industry follows during the year ahead.
Ciphering the Signs
What industry movement ranks as the most dominant and enduring post-crisis trend? According to Mackey, the demand for greater efficiency continues to expand, prompting new, innovative strategies.
Mackey>> First off, the companies that made it through the turmoil made it because their companies were well oiled and efficient. This trait has not gone away even though the market has improved. I compare it to my own grandma, who lived through the Great Depression. She would not get rid of something that was worn- it had to be unfixable to move on. At meals, she would use every last scrap to ensure that nothing was wasted, and companies seem to have gone through this same shift in mentality as a result of the rough times our industry has seen. This shift in our industry has meant that companies want to ensure they take advantage of every feature and time saver available to them, and they are looking to improve their processes to make them more efficient. Take initial disclosure, for example. This has become a highly automated process. Documents are generated, and from that point, the entire process is automated, helping avoid labor costs, removing errors, and when everything is completed, providing auditors with proof that all files were delivered as required.
Additionally, we are also seeing better and cleaner interfaces between various systems in the process. This means there is no need to ever enter data twice and that the data used is uniform through the entire process. This consistency avoids costly errors and ensure that the data used by underwriters and all service providers is universal.
Looking at the industry from a broader perspective, we're observing that- despite the increase in national volume, record-low interest rates, and refis increasing- people are still a bit timid and hesitant to accept that as an industry we are back.
Next week's feature: Policies a& Progress