and how they are revolutionizing the insurance industry
The insurance technologies industry has always been a dynamic and ever-evolving field. With the advent of new insurance technologies and innovations, the way insurance agents operate has also undergone a significant change. One of the most notable advancements in recent years is the rise of submission management platforms. These platforms have brought about a paradigm shift in the industry, making it easier and more efficient for insurance agents to manage their operations. In this blog post, we’ll take a closer look at the impact of submission management platforms on the insurance industry and how they’re changing the game for insurance agents.
The old way of doing things:
In the past, insurance agents relied heavily on comparative raters to provide quotes for their clients. Comparative raters compared rates and coverage options from different insurance carriers and offered quotes to agents. However, these tools had limitations that often resulted in an ineffective quoting process.
For example, comparative raters only offered rates from a limited number of insurance carriers, limiting agents’ opportunities to secure business from other carriers. “The old way of obtaining quotes was also time-consuming and unreliable,” says Adam Kiefer, CEO of Talage, a leading submission management platform. “Agents spent countless hours comparing rates and coverage options from various carriers, only to find that the information was outdated and not accurate.”
The limitations of comparative raters, along with the time-consuming nature of the quoting process, sparked the need for a more efficient and reliable solution. This need led to the development of submission management platforms, which have revolutionized the way insurance agents operate and brought about a new level of efficiency and productivity in the industry.
Criticism of comparative raters highlights that they provided limited carrier options and outdated information, making the quoting process less effective for insurance agents. The limitations of comparative raters, coupled with the need for a more reliable solution, gave rise to submission management platforms, which have transformed the insurance industry by increasing efficiency and productivity for insurance agents.
The new way of doing things:
With the rise of submission management platforms, insurance agents are able to get real-time quotes from multiple carriers with ease. These platforms give agents access to a vast network of insurance carriers, enabling them to provide their clients with the most up-to-date information and a wider range of options. This increased access to carriers and real-time information has made the quoting process much more efficient, saving agents valuable time and increasing their productivity.
In fact, a recent study found that the use of submission management platforms has increased the efficiency of the quoting process by an average of 35%. “The new way of getting quotes is much more efficient and reliable,” says Kiefer. “Agents can now get real-time quotes from multiple carriers with just a few clicks, which means that they can provide their clients with accurate information in real-time.” The shift towards submission management platforms has revolutionized the insurance industry, bringing about increased efficiency and productivity for insurance agents.
The benefits for insurance agents:
Submission management platforms have brought about several benefits for insurance agents. Here are a few of the most significant benefits:
With the ability to get real-time quotes from multiple carriers with just a few clicks, insurance agents can now spend less time on the quoting process and more time on other important tasks. This increased efficiency has a significant impact on agents’ productivity.
Better client experiences
By providing clients with accurate and up-to-date information in real-time, agents can now offer better and more personalized services to their clients. This leads to increased customer satisfaction and loyalty.
With the increased efficiency and productivity brought about by submission management platforms, agents can now take on more clients and close more business. This leads to an increase in revenue and overall profitability.
While the rise of submission management platforms has revolutionized the insurance industry, it is important to note that not all submission management platforms are created equal. It is crucial for insurance agents to choose a platform that not only offers real-time quotes from multiple carriers, but also has the capability to integrate with their existing agency management systems and provide robust data and analysis capabilities.
This is where Talage’s submission management platform, Wheelhouse, stands out from the rest. Wheelhouse boasts a vast API data connection to insurance carriers, enabling it to provide real-time quotes and integrate with agency management systems.
Additionally, its ability to scale and provide comprehensive data and analysis capabilities for not just quotes, but all submissions, make it a superior choice for insurance agents. The platform’s advanced insurance technologies and versatility provide agents with a more efficient and effective way to manage their clients’ insurance needs. Ready to experience the benefits of submission management platforms for yourself? Try Talage’s Wheelhouse today and see how it can revolutionize your insurance business.