Maximizing productivity is crucial in the highly competitive world of commercial insurance. With the advent of insurtech, commercial insurance users have access to technologies that can help them do more with less and become more efficient. However, as the insurance industry evolves, it’s important for commercial insurance users to maintain an agile workflow that supports the constant change and maximizes productivity.
Productivity should be a priority for every insurance user. Bottlenecks and other inefficiencies that hamper productivity is the enemy of insurance agencies, wholesaler brokers, carriers, and other users. The advent of insurtech has empowered commercial insurance users to do more with less and be more efficient. However, these technologies are also creating more competition and increasing customer expectations.
As the insurance industry evolves, commercial insurance providers need to maintain an agile workflow that supports constant change. In just 20 years, insurtech went from a fad with little relevance to a multi-billion dollar vertical. Today, technology modernization is the number one risk facing the industry, according to PwC.
Though insurtech can threaten legacy systems and slow-moving organizations, it can be a boon for commercial insurance providers who recognize the value of technology. Users who invest in a thoughtful tech stack can accomplish far more, leaning on technology to maximize productivity.
In this article, we’ll explore how technology can help insurance agencies, wholesaler brokers, carriers, and other users stay ahead of the curve and ensure their workflows are efficient and effective. We’ll examine four key areas where technology can make a significant impact: quote and sell quickly, handle claims faster, automate renewals and routine processes, and identify and close more opportunities. By leveraging technology, commercial insurance users can maximize productivity, improve customer satisfaction, and boost profits.
Quote faster and sell digitally
In the world of commercial insurance, providing fast quotes is essential to winning new customers. If the turnaround time is slow, it could cost you a potential client.
For instance, let’s say you are a wholesale broker who collects basic information from a prospect and has them fill out an application. You then pass their information along to some carrier partners and wait for their response. However, in the meantime, the prospect contacts an MGA who is able to quickly provide a quote, leading the client to purchase a general liability and workers’ comp policy. By the time you receive the quotes and call the prospect, it’s too late, and you have lost the business to a competitor who could quote faster.
Sadly, this scenario is all too common in the commercial insurance industry. Losing business due to a slow quote turnaround time is a significant concern for brokers. Therefore, having a submission management platform is one of the most useful technology solutions in the commercial insurance space.
When it comes to quickly quoting and selling commercial insurance, technology can make a significant impact. One example of a technology solution that can help improve efficiency and accuracy for Wholesale Brokers or MGAs is Talage’s Wheelhouse platform. This platform allows brokers to manage commercial insurance submissions all in one place, eliminating the need to enter data into multiple systems and reducing the risk of errors.
By using Talage’s Wheelhouse platform, brokers can easily track submissions and identify issues that need attention, improving their ability to manage their business. This, in turn, can increase their productivity, reduce errors, and ultimately increase their revenue. By embracing this innovative technology, brokers can stay ahead of the competition and meet the increasing demands of customers.
In short, if you’re a Wholesale Broker or MGA looking to maximize your productivity and accuracy in commercial insurance and streamline your workflow by selling your commercial insurance products completely online, consider switching to Talage’s Wheelhouse platform. It connects you with business partners through a single integration, boosting productivity by reducing manual effort. In addition, you can quote dozens of carriers in minutes, not days, and are able to correspond with prospects and sell multiple lines of insurance entirely online. Don’t cheat yourself by using multiple systems when you can streamline your workflow and increase your revenue with one simple solution.
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Ready to maximize your productivity and revenue in commercial insurance? Switch to Talage’s Wheelhouse platform today and streamline your workflow with a single integration. Don’t cheat yourself, try it now! Schedule a call
Handle claims faster
Artificial intelligence (AI) is changing the way we handle claims. The insurance industry, though historically slow, is seeing advances in tech happen more quickly, which means customers continue to expect a better, faster claims experience. Across the industry, insurance carriers who lag behind on claims processing risk losing billions of dollars each year.
An IBM survey revealed 42 percent of customers don’t trust their insurers — claims delays are part of the reason why. Switching insurance carriers is easier than ever, and the insurance industry struggles with retention. Since retaining customers is cheaper than acquiring new ones, investing in customer satisfaction is well worth the money. Improving your claims experience can increase customer satisfaction, helping you maximize productivity and profits.
Claims are one of very few opportunities insurance users have to engage with their customers. As a result, each one of these interactions has a disproportionate impact on customer satisfaction. A slow claims process can frustrate customers and cause bottlenecks in your workflows. Digital claims processing technologies can be mutually beneficial for users and customers alike. These technologies use AI to help streamline the claims process, from filing and investigation to evaluation and payment.
To maximize productivity, insurance carriers should consider adopting advanced digital technologies to improve the speed and accuracy of their claims-handling processes. This includes using chatbots or virtual assistants to assist with claims filing, which can help reduce the workload for customer service agents and improve response times. AI can also be used to automatically review and approve low-value claims, freeing up claims adjusters to focus on more complex cases.
In addition to improving customer satisfaction, faster claims handling can also help reduce costs for insurance carriers. This is because lengthy claims processes can result in higher labor costs and longer processing times, which can ultimately impact the company’s bottom line. By implementing digital claims processing technologies, carriers can automate many of the manual processes involved in claims handling, which can help reduce the time and resources needed to process claims.
To further maximize productivity, insurance carriers can also leverage data analytics tools to gain deeper insights into their claims data. By analyzing patterns and trends in claims data, carriers can identify opportunities to improve their claims-handling processes and reduce inefficiencies. For example, carriers may be able to identify specific types of claims that tend to take longer to process and implement measures to streamline these processes. By taking a data-driven approach to claims handling, insurance carriers can make informed decisions that can help maximize productivity and profitability.
Automate renewals (and other routine processes)
Automating policy renewals offers several advantages for both customers and insurance carriers. One of the main benefits is that it prevents lapses in coverage and ensures that customers are always protected. This is especially crucial in industries with strict regulations, such as insurance, where lapses can result in penalties and legal issues. By automating this process, insurance carriers can reduce the risk of human error and ensure that all policies are reviewed and renewed on time.
Moreover, automation can help insurance carriers gain valuable insights into their customers’ behavior and preferences. By collecting data on customer interactions and behavior, carriers can tailor their services and products to better meet the needs of their clients. This can result in increased customer satisfaction and loyalty, as customers feel their needs are being heard and addressed.
Another advantage of automation is that it frees up time for customer service representatives to focus on more complex issues. Instead of spending time on routine tasks like policy renewals, reps can dedicate more time to providing personalized service and support to customers. This can lead to stronger relationships, increased customer retention, and ultimately, higher profits.
In an interview with McKinsey, Professor Leslie Willcocks of the London School of Economics praised automation as a cost-effective and efficient way to improve customer service and compliance in tightly regulated industries such as insurance. He notes that people generally welcome automation because it frees them from mundane and repetitive tasks.
Overall, automation is a powerful tool that can help insurance carriers maximize productivity and efficiency while providing better service to their customers. By automating routine processes like renewals, carriers can save time and money, increase customer satisfaction and retention, and ultimately, boost their profits.
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Ready to learn how Talage can help you gain valuable insights into your customers’ behavior and preferences?
With our powerful platform, you can better understand where your activity is coming from and how you’re performing, so you can make data-driven decisions that lead to increased customer satisfaction and loyalty.
Contact us today to schedule a demo and see how Wheelhouse can transform your business! Schedule a call
Identify and close more opportunities
In addition to helping you retain customers, technology can help you close more deals and automate cross-selling opportunities. Another feature of Talage’s submission management platform is cross-selling individual customers or your entire book. You can communicate with clients, view completed and abandoned applications, and quickly analyze business performance. You can also quote multiple carriers across multiple lines and locations, which is another tool you can utilize to improve your close rate and cross-sell effectively.
Identifying and closing new business opportunities is critical for insurance providers to grow and stay competitive in today’s market. With the help of technology, insurers can streamline their sales processes, identify new opportunities, and close more deals.
Talage’s submission management platform offers several features to help carriers identify and close new business opportunities. The platform allows wholesalers and agent’s to cross-sell individual customers or their entire book, communicate with clients, view completed and abandoned applications, and quickly analyze business performance. These tools help wholesalers and agents better understand their customers’ needs and preferences and offer tailored products and services that meet those needs.
One of the biggest advantages of the submission management platform is the ability to quote multiple carriers across multiple lines and locations. This allows wholesalers and agents to offer rates and coverage options quickly and accurately, giving them a competitive edge in the market. The platform also enables insurance providers to automate the sales process, reducing the time and effort required to close deals and increasing the likelihood of success.
Moreover, the platform’s data analytics capabilities provide users with valuable insights into their sales performance and customer behavior. By analyzing customer data, insurers can identify new opportunities for cross-selling and up-selling, as well as areas for improvement in their sales processes. This helps optimize their sales strategies, resulting in increased revenue and profitability.
Technology offers wholesalers, agents, MGAs, carriers, and other insurance providers a range of tools and capabilities to help them identify and close more business opportunities. Talage’s submission management platform is a powerful tool that enables users to cross-sell effectively, compare rates across multiple carriers and lines, and automate their sales processes. By leveraging these capabilities, carriers can grow their business, improve customer satisfaction, and stay ahead of the competition.
Conclusion
Regardless of what type of user you are, technology can enhance your insurance workflow and make you more productive. One of the most powerful ways technology has transformed the insurance industry is through digitization and automation. Customers want and expect a faster, more seamless experience, from submission management to claims handling. Technology can expedite both these processes, allowing you to sell more, save time, and provide better customer service. There’s no denying technology is an integral part of the commercial insurance industry. The only question is, have you leveraged technology to supercharge your business yet?