Consumers have all gone digital, and we now just expect technology to impact everything we do. We deposit checks by snapping a picture, we check into flights on our smart watch, we know Siri will send us a pop-up ad while listening to our conversations; and we’ve shopped and compared home and auto insurance online.
Brokers, agents, and consumers have experienced comparative raters and they’ve proven successful for P&C insurance and are growing for commercial lines. But, these applications can, and should, do more.
Most comparative raters are for single lines, or for single carriers. Some are simply marketing sites to collect personal data for salespeople. And few offer complete benefits to all commercial insurance users – from consumer to agent to underwriter to IT. Simply put, a comparative rater is not enough. It’s time to look at a complete Submission Management Platform (SMP).
Whether you’re a licensed agency or want to grow your direct to customer insurance offerings, there are some important considerations when approaching a SMP solution. Keep in mind the need to:
- Submit one quick and easy digital application and shop multiple products across multiple A rated carriers and enable self-service for your customers.
- Automate and workflow common processes like endorsements, renewals, and follow-up to free your time for more important work.
- Enhance and grow your online presence with a digital insurance storefront and custom marketing campaigns to grow organically.
- Review and monitor insights into your agency with analytics, KPI’s and dashboards so you know where you need to focus.
It’s time to expand beyond a simple comparative rater. It’s time to approach insurance differently and incorporate novel technology and data analytics that drive an easy, quick, responsive experience for all commercial insurance users.
Contact Kevin Murphy for more information about Insur-Fi.
