Are business owner’s policies (BOP) a popular selling point at your insurance brokerage or agency? If the response is no, you're not alone. When discussing BOPs, brokers and agents across the nation frequently bring up the same issues: low premiums and inefficient processes.
Fortunately, there’s a way to streamline the process of selling business owner's policy (BOP) insurance using a cloud-based insurance software like Relay Platform that makes it easy to quote, bind, and issue BOP insurance in real time.
The Problem With Selling BOP Insurance
As a result of the long quote time and low premiums, many agency owners are hesitant to prospect for small businesseson a wide scale. While BOP premiums may vary, they usually fall in the same range as home and auto insurance. However, quoting home and auto is typically faster than providing quotes for BOPs.
If you currently insure a small business on a BOP, the same will apply at renewal time. Small businesses typically have limited resources, so they’re more likely to request new quotes during the renewal period. This creates a new pressure to find a lower estimate, resulting in reduced commission payments for you.
Unlike traditional software, the Relay Platform is a fully customized system that allows you to include multiple quotes from insurance carriers in one proposal, demonstrating your level of care and effort to the client. When the client requests a new quote at renewal time, you'll be able to produce multiple quotes quickly and easily in one professional proposal.
Why You Should Sell BOP Insurance
If the quoting process was more streamlined, fast, and efficient, would you sell more BOPs? Brokers and agents around the country are saying yes, as the average retention for a BOP account is seven years. BOPs also aren’t comprehensive for small businesses: they often still need workers’ compensation, commercial auto insurance, and Cyberinsurance.
These common needs can turn a $1,500 account into a $5,000 account. Having this size account on the books for an average of seven years while spending the same amount of time quoting as you do on home and auto policies, suddenly makes selling BOP insurance a profitable venture.
How Relay Platform Can Help Sell BOP Insurance
Relay is an insurtech company that helps insurance agencies stay competitive in an evolving market by offering a streamlined experience for both brokers and clients. In just a few clicks, the Relay Platform allows agencies to collect quotes, create instant proposals, and track their performance to grow their business.
This often results in a windfall of new premium growth. . Agents and brokers win more small business accounts when they can provide a quick and accurate quote proposal to their clients — and the time saved from quoting allows them to sell and prospect even more small business accounts.
Conclusion
Insurtech solutions like the Relay Platform are revolutionizing the insurance industry. Tools such as the Relay Platform can radically transform an agency or broker’s profitability, growth prospects, and retention.
Quoting and requoting small business accounts becomes quick and easy for the brokers and agents who use the Relay Platform, potentially giving them an enormous competitive advantage over their competitors, and it makes selling BOP insurance much more profitable. Get in touch with us to learn more.
