Common Insurtech Integration Questions

We’ve compiled a list of the most important Integration questions to ask when evaluating new technology.  First, commercial insurance technology integrations should help companies improve their customer experience and increase efficiencies for the business. It should also help lower operational costs and reduce human errors. So, before you bring on new technology it’s important to understand your integration problems so you know exactly what issue you want the tech to solve.

Furthermore, it’s important to know that tech integrations are not a one-time process. It requires continuous development and improvement for them to run as expected. Fortunately, when companies, like agencies or brokerages, integrate with technology like Wheelhouse, we handle the upkeep, freeing you to focus on your clients. 

This article will look at some key integration problems about integrating technology into your commercial insurance business, what integration questions to ask, what to expect from it, and the benefits of doing so.

General Integration Questions

What is Insurtech?

Insurtech is, “the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. Insurtech is a combination of the words “insurance” and “technology,” inspired by the term fintech,” according to Investopedia. In addition, we published an article on, “What is Insurtech” as well as an Insurtech Glossary.

What is an Insurtech Integration?

Technology integrations allow you to use the features of one software with the features of another software. They are often designed to provide users more value and streamline their business across the entire organization. It can increase efficiencies, improve the underwriting process, facilitate faster claims processing, leverage digital marketing, and more.

How does an Insurance technology integration work?

Software is connected, usually via an API or application programming interface from one system to another. This connection allows the two systems to “talk” to one another, often sharing information one way or sometimes in both directions. 

Typically, the process is complex and requires individuals from both companies in their respective technology or web engineering departments to work collaboratively to ensure both systems can connect. Most commonly, users will outsource the integration by buying or subscribing to external software. The other option is to build the technology in-house.

How Do I Find Integration Technology?

One of the most common integration questions asked is about where and how to find a solution. Most commonly, users will outsource the integration by buying or subscribing to external software. You can find providers of this type of software by asking for referrals or doing a Google search. You can often find these types of providers at conferences and other events. A good strategy is to find one provider and then find their competitors to compare the offerings. 

Another way to acquire integration technology is to have a new application and database that is developed specifically for you. This usually happens “in-house” or within the company. The advantage of this method is that the company owns the technology and does not need to pay or subscribe to receive it. 

Is There an Integration Problem with Developing My Own Technology

Developing your own technology can be time-consuming and requires extensive knowledge and testing. Not to mention the upkeep can be time-consuming. Developing tech requires hiring an entirely new set of staff to ideate, build, and maintain that aspect of the business. Creating proprietary technology is typically not cost-effective and can divert resources away from your core business. 

FAQs specific to Wheelhouse

How does the submission management platform work with other software and tools?

One of the most important integration questions you can ask is about how or if the technology can work with other software you already have. The Talage submission management platform is connected to carriers’ underwriting systems, providing an instant quote once an application is submitted. 

In addition, Talage is working with agency management systems, notably NexSure and HawkSoft, to further streamline the agent’s ability to submit and manage commercial applications. Talage’s SMP solves a number of integration problems you may be experiencing with other tech. To learn more about what an SMP is, check out our guide to submission management platforms to learn more about them.

How many users will I get with this software or tool?

With the Talage submission Management Platform, we don’t charge per user because we don’t want to limit your ability to grow your commercial business. You can add as many users (underwriters, agents, etc.) onto the platform as you want.

Who should use this software or tool?

Anyone who wants to benefit from reducing or eliminating time-consuming or redundant tasks as they relate to submitting and managing commercial applications. This includes being able to quote renewals and cross-sells products across your entire book of commercial business.

What are its features and functionality?

Talage’s SMP is connected to 30+ carriers via API and offers five lines of business on the platform. A few of our tools and features include an automated appetite checker, cross-selling, renewals, insurer selection, and client communication tools including the ability to email applications and chat about an application all within the portal. The platform includes portals for agents, wholesalers, carriers, and tech providers. A powerful quoting engine, single-entry applications, a knowledgebase, upfront core underwriting questions, and more. 

What is the cost of this product or service?

The Talage SMP ranges in price. For independent agents, it’s a monthly subscription fee of $150. For wholesale brokers, carriers, and other tech providers, it varies based on need and customization.

Do you have a free trial period, demo, or live demo version available? 

We offer no-obligation demos of the product. For agents, you can view a Wheelhouse demo here. For brokers, carriers, or tech providers, we’d be happy to set up a call with you to see if it is a good fit and demo the product. Click here to schedule a call.

How long does it take to get a quote?

Once a user has completed the questions, which usually takes about 10 minutes (or less depending on the carriers you want quotes from), the user will receive a quote instantly. 

Are these rates or actual quotes bindable by the carrier?

Wheelhouse is connected via API directly to our carrier’s underwriting platforms. This means that our system is accurate and up-to-date. The quotes you receive are bindable. Some can be bound within our system (based on carrier). 

To learn more about Talage’s submission management platform or to get started, click the button below.