Insurance technology is constantly evolving and improving, and one area where this is especially evident is the transition from comparative raters to submission management platforms. In this blog post, we will explore the limitations of comparative raters and the benefits of using submission management platforms.
Comparative Raters vs. Submission Management Platforms
Comparative raters have been the traditional way for insurance agents and brokers to quote insurance policies. However, as the insurance industry has grown and technology has advanced, there are now more efficient and effective ways of getting insurance quotes. This is where submission management platforms come in.
Submission management platforms are designed to streamline the insurance quoting process by allowing agents and brokers to access quotes from multiple carriers in real time. They are designed to be user-friendly and efficient, making the insurance process much smoother for both agents and clients.
“Wheelhouse, the Talage submission management platform, is the future of insurance submissions and quotes,” notes Talage CEO, Adam Kiefer. “With its real-time quotes and access to multiple carriers, it is designed to improve efficiency and make quoting faster for agents and brokers, and to ensure that their clients are getting the best coverage for their needs.”
The limitations of comparative raters
While comparative raters have been the go-to solution for insurance agents and brokers for many years, there are several limitations that make them less effective than submission management platforms. Some of these limitations include:
Inaccurate quotes
One of the biggest limitations of comparative raters is that the quotes generated can often be inaccurate. This is because the quotes are based on the limited information that is entered into the system. When the policy information is entered in its entirety, the cost is often different than the rate. This can lead to frustration and confusion for both the agent and the client, and can also result in incorrect coverage being provided or quoted.
Limited carriers
Another limitation of comparative raters is that they only provide quotes from a limited number of carriers, often by “scraping” the systems, rather than being connected directly via API. This can make it difficult for agents and brokers to find the best policy for their clients, as they may not have access to all of the carriers that would be a good fit for their client’s needs.
Slow quote process
Finally, comparative raters can be slow, which can be a major inconvenience for insurance agents and brokers. The quote process can take several minutes or even hours, which can be frustrating for clients who are eager to get their insurance policy in place.
The benefits of using submission management platforms
Submission management platforms are designed to address the limitations of comparative raters, making the insurance quoting process much more efficient and effective. Some of the key benefits of using submission management platforms include:
Real-time quotes
One of the biggest advantages of submission management platforms is that they provide real-time quotes via API access to the carrier’s underwriting systems. This means that agents and brokers can access quotes from multiple carriers quickly and easily, without having to wait for quotes to be generated. In addition, submission management platforms have a single-entry submission process. This not only makes the process faster but also helps to ensure that clients are getting the most accurate quotes possible.
Access to multiple carriers
Another advantage of submission management platforms is that they provide access to multiple carriers. This means that agents and brokers can compare quotes from multiple carriers to find the best policy for their clients. This not only saves time but also ensures that clients are getting the best coverage for their needs.
Increased efficiency
Finally, submission management platforms are designed to be user-friendly and efficient, which means that agents and brokers can quote insurance policies much more quickly and easily than they could with comparative raters. This increased efficiency helps to reduce frustration and make the insurance process much smoother for both agents and clients.
The future of insurance technology: The shift toward submission management platforms
As technology continues to evolve, the insurance industry is following suit. With the rise of insurtech companies and advancements in insurance technology, the industry is undergoing a major transformation. As we’ve already mentioned, one of the most notable changes is the shift toward submission management platforms.
These platforms offer a more efficient and streamlined way for insurance agents and brokers to get quotes for their clients. They also provide access to multiple carriers and real-time quotes, which is a major improvement over the limitations of comparative raters.
Submission management platforms like Wheelhouse are leading the charge in this transformation, offering innovative and user-friendly solutions for insurance agents and brokers. The benefits of these platforms are clear, and their impact on the industry is expected to be substantial.
According to MarketsandMarkets, the submission management platform market is expected to grow from $5.5 billion in 2018 to $12.5 billion by 2023, a compound annual growth rate of 17.3%. (MarketsandMarkets, 2018) This rapid growth is a clear indication of the growing demand and adoption of submission management platforms in the insurance industry.
In the words of Dr. Henna Karna, Managing Director and Chief Data Officer, XL Catlin, “Digitally interconnected operations represent the most comprehensive, agile, innovative, creative, and emotionally connected way of conducting business.” It is clear that comparative raters are no longer the most effective solution for insurance agents and brokers, and that submission management platforms (that are connected to carriers, AMSs, and other data hubs) are the way of the future.
Overall, the future of insurance technology is bright, and submission management platforms are poised to play a major role in shaping that future. With their ability to streamline the quote process, provide real-time quotes, and offer access to multiple carriers, it’s no wonder insurance agents and brokers are embracing these platforms and why they are quickly becoming the go-to solution for insurance submissions and quotes.
If you’re looking for a faster and more efficient way to get insurance quotes for your clients, look no further than Wheelhouse. Sign up today and experience the benefits of real-time quotes and access to multiple carriers. Click the button to get started and see for yourself why Wheelhouse is the future of insurance submissions and quotes. Don’t miss out on this game-changing technology!
