Customer experience has evolved beyond simple expectations for low prices and has become defined by speed and efficiency above all else. Many industries face challenges in meeting these growing expectations, but insurance faces perhaps the steepest uphill battle due to the natural complexities of the B2B2C sales model. It’s important that carriers empower their agents to streamline this process while remaining competitive in an increasingly customer-centric insurance industry.
Traditionally, the quote-to-bind process involved many different steps with manual baton-passing between customers, agents, and underwriters. Not only is this process slow, it also increases the exposure to human error risk and provides myriad opportunities for bottleneck. As such, this standard procedure for policy quoting could take a few days or even weeks, but leveraging API-driven insurance platforms and predictive analytics can help insurers develop applications to bypass many of these steps and empower agents to instantly offer quotes from mobile devices.
Demonstration: Policy Administration and Quoting through an Agent Mobile App
At Insurity’s Connected 2019 user conference, vice president of product development, Mitch Cain, demonstrated Insurity’s easy-to-use mobile quoting application for agents. Through a combination of internal and external APIs, as well as Insurity Valen Analytics’ InsureRight™ platform, Mitch was able to develop an application that processes a workers compensation quote within minutes.
The mobile app uses many APIs from the Insurity digital platform, both those that are exposed by Insurity’s Policy Decisions and Valen products, as well as third-party APIs such as the “fullcontact.com API” that allows the app to retrieve a variety of information about a business from their website URL.
It has never been easier for insurance carriers to help agents streamline the quoting process through the use of technology, and provide the quick and efficient customer experiences that are expected in today’s digitally-driven market.