Boosting Productivity With Automated Insurance Quoting Systems - photo by pexels-karolina-grabowska-7680749

If you still rely on outdated manual quoting systems, you are seriously slowing down your insurance agency’s productivity and lead generation process. In 2024 and beyond, your quoting system should be automated and streamlined. This will reduce customer wait times and improve the overall customer experience. An automated quoting system works with advanced technology and can offer benefits to your agency and customers.

For instance, if you think about it, manual quoting is all about gathering information to present options that work for each potential customer. If your agency does this manually, it means your agents still manually compare rates and calculate premiums. This not only takes time away from your agents but increases the risks of error.

Automated systems address this using algorithms and pre-programmed data integration to generate quotes. Even better, quotes are generated instantly, so customers are happy, and your agents can quote for multiple carriers. Integrating an automated insurance quoting system into a carrier’s existing database gives you the latest rates and underwriting guidelines. This allows you to provide potential customers with the most reliable information when they ask for a quote.

How Automated Quoting Systems Work

So, how do automated quoting systems work, and why will it work for your agency? A rating engine and several algorithms to access carrier data while considering risk profiles, policy options, and market conditions to calculate premiums and set up a quote. These systems also use pre-defined rules to generate quotes that comply with insurance guidelines and regulations.

If you decide to invest in automated quoting software, you should choose an option that integrates with your existing agency management system. A smooth integration will allow you to transfer customer and insurance information between the AMS and the quoting system. This means your agents no longer have to input data manually, reducing the risk of errors. It also means that your agents do not have to undergo training. Instead, they can access quotes and manage the quoting process using the existing interface. This helps speed up the quote generation process, making your agency and the customer experience more efficient.

Advantages of Automated Quoting Systems

Automated quoting systems, or comparative raters,  are more than just fast and accurate. They offer several advantages to insurance agencies. For instance, where customers had to wait days for a quote, they can now have one instantly. This leaves your agents free to focus on other tasks. Fast turnaround times will improve customer satisfaction, which will directly impact your agency’s conversion rates.

If your agency’s response to quote requests is too slow, you will lose out. If you have an automated system that allows you to efficiently generate quotes, you will see a marked difference in your client uptake.

Moreover, you should never underestimate the time savings attached to automation. When you automate one of the most time consuming aspects of your business, you give your agents breathing space to provide advice and help to customers who need it most.

Implementing an Automated Quoting System

Now that you want to automate your quote system, you must consider several factors. For one, you should choose a system that offers the functionality your agency needs and that you can integrate with all your existing systems. For instance, finding a comparative rater that integrates seamlessly into your agency’s management system can really help streamline things.

Also, calculate whether your budget can accommodate a new system. Make sure you consider the cost of long-term support for technical issues.

If training is involved, schedule it earlier rather than later. Let your agents and other employees use the system from the start so they can get used to it. Allow them to create fictional clients so they can learn how to input new data and how to read reports based on data. They should also know how to combine the quoting process with their existing workflows.

Automated Quoting Is a Strategy Your Agency Needs Now

Investing in an automated quoting system gives your agency a strategic advantage. You can respond to quote requests faster while spending less money. You can create more value-added services because your agents now have the time to focus on them. Automation is transforming the insurance industry. This means you must embrace it if you want your agency to succeed. As your team’s productivity increases, so will your agency’s profits. And that is how you will take your agency into the future of automation. Ready to find how Jenesis can help you embrace automation? Request a demo, today.