What is the importance of a reflex arc in the body?

In its simplest form, a reflex is viewed as a function of an idealized mechanism called the reflex arc. The primary components of the reflex arc are the sensory-nerve cells (or receptors) that receive stimulation, in turn connecting to other nerve cells that activate muscle cells (or effectors), which perform the reflex action. In most cases, however, the basic physiological mechanism behind a reflex is more complicated than the reflex arc theory would suggest. Additional nerve cells capable of communicating with other parts of the body (beyond the receptor and effector) are present in reflex circuits. As a result of the integrative action of the nervous system in higher organisms, behaviour is more than the simple sum of their reflexes; it is a unitary whole that exhibits coordination between many individual reflexes and is characterized by flexibility and adaptability to circumstances. Many automatic, unconditioned reflexes can thus be modified by or adapted to new stimuli, making possible the conditioning of reflex responses. The experiments of the Russian physiologist Ivan Petrovich Pavlov, for example, showed that if an animal salivates at the sight of food while another stimulus, such as the sound of a bell, occurs simultaneously, the sound alone can induce salivation after several trials. The animal's behaviour is no longer limited by fixed, inherited reflex arcs but can be modified by experience and exposure to an unlimited number of stimuli.
http://www.britannica.com/eb/article-9063018/reflex

Most reflexes don't have to travel up to your brain to be processed, which is why they take place so quickly. A reflex action often involves a very simple nervous pathway called a reflex arc.

A reflex arc starts off with receptors being excited. They then send signals along a sensory neuron to your spinal cord, where the signals are passed on to a motor neuron. As a result, one of your muscles or glands is stimulated.