4 Ways Insurtech Can Make Business Owners' Policies More Profitable
If the thought of quoting or writing a business owner’s policy (BOP) incites more agony than excitement, you are not alone. Many agents find that BOPs are the ideal size for small business owner’s insurance coverage. Still, the policies have a bad reputation among agents and brokers for being too time consuming for the commission.
If you could quote, and create BOP proposals quickly enough to make them worthwhile, would you be able to put the negative thoughts aside? Increasing the BOP market's profitability requires an insurtech platform.
Small Businesses: A Niche Market
The BOP policy is the best option for most small enterprises, and there is a sizable market for BOPs. In comparison to the 20,139 large firms, there are over 31 million small businesses nationwide. Additionally, there are approximately 15 million self-employed individuals, most of whom require a BOP.
Compared to commercial package insurance, BOPs take more resources to quote, meaning they have smaller revenue potential. It makes more sense to effectively pursue BOP business rather than ignoring all the potential BOP clients. You can accomplish that with the aid of an insurtech platform.
The Benefits of Insurtech
Quote and Write BOP Proposals Faster
An insurtech platform eliminates the time-consuming process of manually quoting with each carrier and writing BOP proposals. The software also collects valuable information, which speeds up the underwriting process.
When the customer's questions have been answered, and they are ready to sign on the dotted line, brokers and agents can bind a policy with one click. From start to finish, quoting BOPs goes significantly faster when using an insurtech platform. In these ways, an unprofitable line of business becomes a profitable.
Generate Smarter Proposals
Insurance remains, to some extent, a numbers game. The faster you can get your prospects proposals, the bigger your book of business is likely to be. With insurtech, creating proposals is easier than ever as agencies can provide clients with different pricing ranges and coverage options with the same (or less) work.
Relay Platform’s Smart Customer Proposal™, for example, allows brokers and agents to choose from a library of pre-built templates or integrate their own. Not only can you select multiple quotes you want to recommend, but you can also deliver a compelling online proposal or export it into PDF, Excel, Word, or Powerpoint.
Increases Your Referral Pipeline
While an insurtech platform makes the quoting and writing processes more efficient, referrals are still essential in building a book of business. The more customers you have, the more comprehensive your source of referrals is.
As insurtech empowers your agency to quote BOPs faster and at a better profit margin, your book of business grows, and you create opportunities for referral marketing campaigns.
Make BOPs Profitable With Insurtech
An insurtech platform like Relay helps brokers and agents quote and write BOP proposals faster, which allows you to generate more BOP leads, spend time on the most qualified leads, retain more business, and get more referrals.
BOPs are no longer a chore while using Relay. Get in touch with Relay directly to schedule a brief demo to learn how to obtain more BOP business. To find out more, contact us.