3 Features to Look for in a BOP Insurance Solution

Oct 12, 2022 Insurance, BOP

3 Features to Look for in a BOP Insurance Solution

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Brokers and insurance agency owners continuously seek new ways to expand their businesses while working with limited financial and human capital. A business owner policy (BOP) might not be the first place a broker or agent would look to grow their agency business, but that has changed with the emergence of insurtech platforms like Relay.

By using a BOP insurance solution, the selling process can be made more efficient, sales conversion rates can be raised, and sales can be made for increased prices — all without the broker-owner having to hire more agents or buy leads.

By employing an insurtech platform, a business owner policy, or a line of business that many agents view as time-consuming and unproductive, may be made more effective and profitable. Using Relay's advanced technology to promote BOPs to clients makes it possible to pull all three levers at a low cost. 

To ensure the success of agencies and firms, look for three components in a BOP insurance solution.

Vital BOP Insurance Solution Features 

Quoting Speed

It's critical to quote BOP insurance efficiently for clients. Using insurtech can help you deliver multiple quotes to your customers quickly. As a result, the broker-owner can enter a single information set to get quotes from various carriers. This can assist in standardizing the data needed to submit for carrier quoting. 

It takes less time to complete this process than logging into each carrier's portal individually, getting estimates, and filling out the necessary information. A higher percentage of sales conversions occurs when a quote is given to a customer faster since they have less time to shop around with other agents.  

The quote process will go more smoothly with the appropriate BOP insurance solution. Additionally, since the quotation process takes less work from salespeople and allows for quicker quote delivery to potential clients, it will facilitate a more effective sales process.

Proposal Quality 

Compared to the standard approach, employing a BOP insurance solution can significantly increase the quality of the proposals and estimates given to potential consumers. The ability to offer the consumer multiple quotes makes the overall proposal strong because the customer has more choices. 

Multiple quotes provide the impression that the agency has done more work for the client by generating numerous quotes. A BOP insurance solution, like Relay's, is different from other platforms in that it shows coverage and price on proposals, making it straightforward for potential consumers to compare their options.

Relay can produce agency-branded proposals that are customized for each agency. High-quality quotes and professional proposals will increase the likelihood of closing a sale with a prospective customer, improving your sales conversion rate.  

Better Cross-Selling Efficiencies

When selling a business owner policy, insurtech platforms must have the capability to quote multiple lines of business. An agency can help clients buy more valuable products by utilizing the BOP insurance solution from Relay. Cross-selling existing clients on other business lines, such as management liability insurance or cyber insurance, is the most effective approach to accomplish this. 

Prospective clients can save time on the quotation and proposal process if all the possibilities are offered to them at once, so it can be effective for the agency sales staff to present these quotes to clients as a package. As small businesses expand and their insurance needs do so, it is beneficial to offer a variety of business insurance products.

Valuable BOP Insurance Solution

Relay provides a BOP insurance solution for  brokers and agents to quote and sell a business owner policy. The platform's advantages include speed in quoting, higher quality quotes and proposals, and more efficiencies in cross-selling other lines of business.  

These factors increase conversion rates, agency sales revenue, and sales efficiency. By improving these indicators, brokers and agents can expand their businesses and give their clients better services. 

The Relay platform, the leading BOP insurance solution, can be used by brokers and agents to improve customer service while expanding their own business alongside their clients with little additional work. Get in touch with us to learn more.

BOP Insurance Made Easy Guide

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