The basic principles of insurance have been around for centuries. Nonetheless, two things that have changed are evolving risks and how businesses purchase insurance.
Business owner's insurance policies (BOP) began as early as the 1970s. Since then, commercial insurers have accommodated a host of options for customizing BOPs to meet the needs of modern businesses.
While there is a large market for selling BOP, brokers and agents often feel BOPs are more hassle than they are worth. Yet, insurance technology is a game-changer that makes BOPs a lucrative market for brokers and agents.
Technology Is Changing Insurance Sales
Doing business is faster and more efficient than ever before. On both accounts, we can credit that to technology.
One of the insurance industry's biggest challenges is bringing in more business than what insurance companies need to pay out in claims. We live in such a litigious society that claims payouts can be enormous. Fortunately, brokers, agents, and the insurance companies they represent have access to big data, which can be used to speed up the time from prospecting to the final sale.
Underwriters have access to more information to help them make informed decisions. Furthermore, insurance technology helps expedite claims processes by leveraging pre-populated forms that customers can fill out online in real-time. The payments go out to customers just as quickly.
Regarding communication, agent and broker websites and social media outlets allow customers to contact their agents anywhere and on any platform they visit.
Opening Up the BOP Market With Insurtech
Selling insurance can be painstaking and time-consuming, especially when selling BOP. The right insurance technology changes all that.
When other priorities are pressing, it is often easier to pitch the quote that seems right at the time without exploring whether additional quotes might be a better fit. After all, there are only so many hours in the day.
In a perfect world, the customer would get the best insurance company for their needs, all the right coverages, and the premium they . With insurance technology tools, brokers and agents can deliver their customers' exact insurance coverages at the best premium possible. Moreover, insurance technology makes quoting and writing BOP business smoother so agents and brokers can also deliver a great customer experience.
Insurance Technology: A Game Changer for BOP Sales
Insurance technology is already being used in underwriting, claims, and risk management, and it works just as well for improving efficiency in quoting and selling BOP.
Instant quotes (APIs) allow agents and brokers to pull multiple quotes into their systems in record time. With the benefit of the Smart Customer Proposal™, brokers and agents can compare quotes quickly.
The process is much more efficient in getting quotes from multiple markets simultaneously than quoting policies on different platforms. Agents and brokers can then export the quotes into a shareable format. Moreover, the quotes are expertly presented and highlight the agency's voice and branding.
Insurance technology lets brokers and agents quickly turn quotes into insurance applications. It happens in a fraction of the time it would take to process and finalize BOP applications manually.
Modern technology is crucial for brokers and agents selling BOP to increase their books of business. Without it, brokers and agents can expect their competition to have an edge and keep it. If you want to get a jump on your competition with insurance technology, contact Relay for a short demo.