Learn how to make your insurance business grow to new heights with tips and tools in this guide, and serve your clients using Talage technology.Read More
What is a Submission Management Platform?
A Commercial Insurance Submission Management Platform (SMP) is a type of software for submitting and managing commercial insurance applications during the quoting process. The software is designed to streamline the submission process. It allows companies to more easily submit their commercial insurance applications and create transparency between stakeholders.
The software provides a number of features and benefits, including:
- Efficiently submitting all required documents in one place
- Automating the process by eliminating tedious tasks
- Streamlining data management
- Providing real-time updates on submissions
Submission management platforms provide a central hub for managing all the data and documents required for commercial submissions. The software can be used to communicate with stakeholders. Or to submit individual applications or books of businesses in a centralized location creating a frictionless and transparent submission process. These platforms can also be used to generate reports and analytics to make on-demand business decisions.
It also provides wholesale brokers, networks, and insurance agents with a library of digital tools. These tools enable each level of insurance professional to enhance the insured’s buying experience. The platforms are often available in a variety of configurations. And they allow you to choose the features that are most appropriate for your needs. The most sophisticated SMPs provide a highly customized option for digitally savvy insurance companies ready to take their business to the next level.
Finally, a commercial insurance submission management platform has a deep integration with multiple, top-rated carriers. It also supports submission collaboration between multiple sources.
For example, one such collaboration would be between the SMP and an agency management system. These types of collaborations aid in the transparency and free flow of data across the industry, making it easier to sell and service commercial accounts.
In addition, an SMP also offers multi-carrier appetite determination, editing, and appending capability on submissions and the ability to report and run analytics across the entire submission dataset or submission subsets.
How does a Submission Management Platform “work”?
An SMP is a software that assists with the submission process by providing an easy-to-use application. It eliminates tedious tasks, creates efficiencies, and streamlines the document submission process. The SMP does this by creating a single-entry submission mapped to multiple carriers, producing instant, bindable quotes.
Advanced SMPs provide a portal that manages all your applications and quotes in one easy-to-use interface. Your agent can submit a quote on behalf of a client. They can start an application and then email it to the client to finish. Agents can input a manual quote requested outside of the system. Whatever the submission type, you can see and manage every agency, every application, and every client from the same portal.
Insurance firms handling a high volume of monthly commercial insurance submissions are creating efficiencies by leveraging automation and limiting data entry. This improves customer satisfaction with a quick and accurate application turn-around time. A submission management platform, like the one Talage provides, features an appetite checker, communication channels, automated status notifications, and a multi-carrier rater that can remarket and/or cross-sell books of business almost instantly.
How to Choose the Best Submission Management Platform for Your Company
Now you understand what a submission management platform is and how it works. However, choosing the best submission management platform for your company is not an easy task. There are many factors to consider such as cost, features, and usability. It is important to research thoroughly before choosing a submission management platform for your business.
Here are a few factors you should consider while making your decision:
- The features and tools the platform offers
- Disruption vs. seamless transition of your current process and relationships
- The number of commercial submissions will you submit each month
- Staff capacity and training needs
- And, of course, cost
The best submission management platform is one that will fit your company’s needs, provide the best customer service, and grow with you. Be sure to ask questions so you fully understand how the product functions and the value you will receive.
10 Basic Questions To Ask About Any Submission Management Platform
We mentioned asking questions when identifying and previewing submission management platforms. Below are basic questions to ask about any submission management platform you’re considering onboarding:
- How does it work?
- Should I develop my own tech?
- How does the SMP work with other software and tools?
- How many users will I get with this software or tool?
- Who should use this software or tool?
- What are its features and functionality?
- What is the cost of this product or service?
- Does it have a free trial period, demo, or live demo version available?
- How long does it take to get a quote?
- Are these rates or actual quotes bindable by the carrier?
Talage understands how critical these questions are. To learn more about the Talage SMP and see our answers to these questions, check out our SMP FAQ page.
Maximize the Benefits of a Submission Management Platform
There are many benefits to using a submission management platform. And there are many reasons why you should be using one. These platforms help you analyze and track the progress of your commercial business. They also give you the ability to manage all of your submissions in one place.
This is a great way for people who are new to the industry to get an overview of what is going on in the business, find undeveloped niches they can sell to, and learn class codes as they produce business. It also gives established professionals a way to organize their submissions in a single location so they can focus on what they do best – building relationships with their clients.
Some of the benefits of an SMP are:
- Makes the submission process simple and fast
- Allows companies to onboard new hires quickly
- Improves efficiency by quoting commercial policies digitally and with a single application
Have a Digital Mindset
To get the most out of your submission management platform, it’s imperative that you have a digital mindset. While past versions of insurance technology set out to replace agents and other incumbents, it has become clear that empowerment is the key to success on all sides.
Knowing there will be some updates to your current process, such as switching from notetaking on paper, to entering information into the system, can go a long way to making the transition easier and help you maximize the benefits of the submission management platform.
Simple & Fast Submissions
With an SMP, your submissions become increasingly fast. Once your client’s data is entered it is simple to quote additional policies and be proactive on renewals – increasing your client retention, and giving you more time for more important tasks.
With comprehensive submission management platforms, onboarding new agents is easy. Rather than spending valuable time learning class codes, you can have your new hires input the client information into the system and the system will automatically find the corresponding class codes. By helping them learn, you operate more efficiently.
In addition to quick onboarding for new hires to your business, submission management platforms help increase your business’s efficiency by providing a suite of tools and features that eliminate or reduce repetitive tasks, help you understand your commercial book, and grow your business.
The Key to Streamlined Processes
Acceptance and adoption of the technology are the keys to streamlining the commercial quoting processes in the insurance industry. It has become an integral part of many insurance agents’ and wholesalers’ business operations, with some groups reporting that they no longer handle paper submissions.
In addition, a submission management platform allows for seamless integration with many other systems. For example, AMSs, CRMs, marketing automation, and lead generation tools. This integration saves time and money by reducing administrative tasks like follow-up emails and marketing campaigns. Anecdotally, agents who used the submission management platform showed a significant increase in new business volume without hiring additional staff to manage the new business.
Furthermore, this time savings gives businesses added time to focus on activities that actually drive revenue and improve market share. An SMP is designed to help users deal with the administrative tasks that come with managing and submitting policy quotes. Some platforms are customizable, which allows them to attach their own branding and better personalize the experience.
Commercial insurance is a highly competitive industry with a lot of risks. That is why it is essential for the commercial insurance market to have a submission management platform.
5 Amazing Use Cases of SMPs
#1 Independent agents
Independent insurance agents have long struggled with the repetitive and time-consuming steps required to provide commercial quotes to business clients. Submission management platforms reduce or eliminate these tasks, making commercial insurance both profitable and simple. Agents have an understanding of their commercial book. They also have the ability to grow their business by selling online via their SMP.
#2 Wholesale insurance brokers
Wholesalers have been stuck in the middle of the carrier and agent relationship with almost no say in the submission process. An SMP puts the wholesaler in the driver’s seat by centralizing the submission process to create transparency between all stakeholders. And, the SMP produces efficiencies to streamline a high volume of monthly submissions without increasing overhead costs.
#3 Agency networks
Agency Networks have been spending an unnecessary amount of money building proprietary rating software only to find out later the cost to maintain out-weighs the benefit. An SMP not only provides a multi-carrier rating but has features like cross-selling automation, book of business upload with instant quoting, and insured-facing quote landing pages – without the cost of maintenance.
Carriers are saving hundreds of hours monthly by receiving accurate and completed applications online. In addition, these digital applications are mapped in such a way that the carriers don’t need to ask additional underwriting questions. And, as a result, underwriting morale improves as they are able to apply their insurance knowledge on higher risk or more complex submissions.
#5 Embedded Insurance
Embedded insurance options aren’t anything new. Take, for example, travel insurance. Customers purchasing plane tickets often have an opportunity to seamlessly add travel insurance to their ticket purchase without leaving the airline or booking site.
The same process can be used for business clients. Anything from payroll companies to commercial banking can add an embedded insurance option via their submission management platform to their existing products. Providing value for their clients, increasing their own revenue, and gaining valuable insight into the market.
SMPs are the Future of Insurance
The shift in the way the commercial insurance industry operates is happening, albeit slowly. And compared with the length and history of the insurance industry as a whole, submission management platforms are still in their infancy. However, for wholesalers, agents, technology providers, and carriers, recognizing that the landscape is changing is the first step.
The digital transformation of the commercial insurance space, specifically with the introduction and growth of submission management platforms, will allow insurance agencies to focus on their core competencies, while increasing efficiency, providing a holistic business view, and eliminating the need for redundant processes and tasks.
As the industry is shifting towards a digital future, it is important to have a submission management platform that can keep up with the changing needs of the market. These platforms solve many of the frustrations the industry has been tolerating for decades and allow them to focus on their clients. The commercial insurance industry should be able to provide its clients with the best customer service and experience possible, while also providing them with the digital experience they expect.
To learn more about Talage’s submission management platform or to get started, click the button below.
The Talage SMP – 4 Types of Access
Different SMP Access for Different Insurance Businesses
The Talage platform offers four types of access to our submission management platform. Independent agency, Wholesale Brokers, Carriers, and Technology Partners. Each group has unique characteristics and we have tailored each solution to fit the business model and needs of the company.
#1 Independent Agents or Agencies
For independent agencies, the submission management platform should be easy to use. Most agencies don’t require highly customizable options or a complex suite of features and tools. Agents on our platform have access to a centralized hub, a powerful quoting engine, cross-sell and renewal capabilities, and a digital storefront. Click here to learn more about Talage’s solution for independent agents.
#2 Wholesale Brokers and Brokerages
Wholesale brokerages need a more customizable submission management platform, which can handle high-volume, and adapt to their specific needs. Their need for increased organization to provide better service to their client makes the Talage SMP an optimal solution.
A submission management platform can help them automate many processes in the workflow, such as automatically generating quotes for prospective clients, scheduling follow-ups with prospects, and sending reminders about upcoming deadlines for submissions or proposals. Click here to learn more about Talage’s wholesale solution.
Talage has developed the Insurer Portal – a customized solution specifically for carriers. We leverage data to give you both bird’s-eye and into-the-weeds views of how you stack up in the market. Never before has your data been so easy to read with powerful analytics to help you make data-driven decisions. Click here to learn more about the carrier SMP solution.
#4 Technology Providers
For our technology provider partners, we offer a custom-built version of the submission management platform. Whether you’re looking for an integration to access our 30+ API-driven carrier connections or you want to leverage embedded insurance technology to offer a commercial quoting option directly alongside your other products, Talage can manage and support your business. Click here to learn more about Talage’s API Partner Solution.