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March 9, 2022

How Insurance Quoting Software Can Increase Enrollments

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As an insurance agent, you're a trusted advisor who presents customers with the best available options to protect them against potential risks. As a business person, you need to maintain a high sales ratio. Finding a process that can help you achieve these roles isn't impossible.

Obtaining a quote is one of the most vital parts of a satisfactory customer experience in the insurance industry. When shopping for insurance, consumers are often faced with an overwhelming number of choices and a significant amount of complex industry information. A quote simplifies the process of making the right choice by describing the approximate cost of specific services supplied by various insurance carriers.

Insurance agents provide customers with access to various quotes from multiple carriers. Manually obtaining every quote for a single client can be time-consuming and cumbersome, limiting the number of potential clients you can enroll. Insurance quoting software provides your customers with relevant choices to meet their needs in a time-efficient manner that helps you increase enrollment.

What is insurance quoting software?

Insurance quoting software is a computer program that takes much of the manual work out of obtaining insurance quotes for customers. Instead of manually gathering quotes for a customer, you can input the customer's information once and the software automatically completes the process to provide you with a list of quotes from all applicable carriers.

Insurance quoting software can automate the process of customer data input, organize data, and present a relevant list of quotes. As a result, the customer can limit the effort required to relay personal data and agents can drastically reduce the amount of time they spend providing quotes to an individual client.

How Does the Insurance Quoting Process Work?

The purpose of the insurance quoting process is to provide customers with a selection of relevant policies within a certain price range. When a customer seeks insurance coverage, the insurance agent accesses various quotes from multiple carriers, often found in insurance clusters for new agents, to provide options for the customer. There are a couple of different ways insurance brokers obtain quotes.

Manual vs Automation

Insurance agents can either obtain quotes manually or use insurance quoting software to automate the process. The manual process requires the agent to visit the platforms of various carriers and fill out an individual quote for each carrier.

After compiling a list, the agent presents the quotes to the customer. The manual process can be time-consuming and take considerable effort. To save time, the agent might make a choice to provide fewer quotes to choose from.

In contrast, when an agent uses insurance quoting software to automate the quoting process, manual tasks are significantly decreased. The agent fills out the customer's basic information once to receive a list of the best rates from multiple carriers for the client.

The process can be completed online by the customer to eliminate excess work for agents. As a result, the customer experience is improved with transparent options and increased convenience.

Basic Functions for Insurance Quoting Software

The basic functions of insurance agency software are designed to improve the customer experience and streamline the agent's process. These are some of the most common functions of insurance quoting software:

Mobile Apps

Insurance mobile apps are popular for their convenience. They allow customers to access quotes without interacting with an agent.
69% of insurance consumers ran a search online before scheduling an appointment. Agencies that don't use a mobile app risk losing business to the competition.

CRM

Customer service management solutions allow companies to store their customers' data where it's easily accessible. An insurance agency management system ensures your agency runs smoothly and efficiently to simplify internal communication and increase employee productivity. CRMs allow agents to easily update customer information or use it to access quotes or update policies.

Comparison Tools

Accurate quotes help individuals gain valuable insights into the most appropriate coverage. Multiple quotes can help individuals evaluate different policies without requiring registration. This is especially helpful for insurance brokers who offer options from multiple carriers.

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How Insurance Brokers Use Quoting Software

Insurance agents who sell P&C insurance provide customers with a variety of insurance products, often from different carriers. Furthermore, customers often need multiple policies to meet different needs. The ability of an agent to efficiently provide quotes for each of these products depends on a streamlined process that offers quotes quickly and conveniently. Below we’ve provided an overview of the most common ways P&C agents use quoting software.

Auto Insurance Quoting Software

The cost of auto insurance can have a major impact on a potential car buyer's purchase. When a car owner finances a vehicle, they are required to have collision coverage which can be expensive. With the ability to compare multiple policies that meet the requirements of the car purchase, buyers can accurately assess their budget.

Landlord Insurance Quoting Software

Landlords face considerable financial and liability risks. As a result, they need specialized coverage. Yet, high insurance costs can reduce the net income of monthly rent payments. Quoting software allows agents to provide multiple options for coverage that meets the specific needs of the property.

Commercial Insurance Quoting Software

Businesses across different industries require specific insurance coverage to address specific industry and organizational risks. It can be difficult for insurance agents to maintain up-to-date knowledge about the risks businesses face. With commercial insurance quoting software, agents can quickly access the information they need for accurate quotes.

Homeowner's Insurance Quoting Software

To complete a home purchase, prospective homebuyers need proof of insurance. It's essential to access accurate quotes for adequate protection before it's time to close on the purchase. Homeowners' insurance quoting software can quickly provide multiple quotes to meet a buyer's needs.

Renter's Insurance Quoting Software

Residents who rent their homes need insurance coverage to cover the cost of replacing their belongings in the event of a disaster. Yet, they don't fall under the umbrella of homeowners. It's common for landlords to require renters to obtain adequate insurance.
The process of securing a rental home can occur quickly. This means home renters need fast access to multiple quotes to secure their new home. Insurance quoting software can meet this need seamlessly.

Advantages of Insurance Quoting Software

A successful insurance agency prioritizes the needs of customers while maintaining business practices that promote agency growth and increase profits. Insurance quoting software helps agents realize these objectives.

Keeps You Updated

Insurance quoting software isn't a one-trick pony that stops working as soon as a quote is made. Additional software features offer additional information about products and opportunities to compare products to relevant trends. This information helps agencies maintain their competitiveness.

Increase Trust

Insurance quoting software places information in the hands of your customers so they can make an informed decision. This is often provided online where a customer can review all options without pressure. When provided with an environment where they can make their own decisions while also having the insurance agent available for any questions, the customer’s trust in the agent increases.

Automation

Software that automatically generates quotes creates a faster process that improves the customer experience and streamlines the agent's workflow. When extra work is taken care of by the system, the agent's time is freed up to concentrate on high-value tasks like increasing leads and communicating and building relationships with customers. When insurance quoting software integrates with other agency software, complete workflows are improved.

Improved Customer Service

The customer experience is a vital part of insurance sales. Quoting software works in a variety of ways to improve customer service. For example, a variety of quotes increases the available options that could offer the perfect choice.
It also reduces the time spent making a purchase and increases transparency to help build trust. When customers can easily access multiple quotes, purchasing a policy is quick and convenient.

Eliminates Paperwork

Insurance is a document-heavy industry that requires significant time to manually obtain, file, and store paperwork. The process is prone to human error and lost documents that contain sensitive data. Insurance quoting software automatically files and maintains documents so all pertinent information can be accessed anytime and anywhere.

The Right Insurance Quoting Software Increases Sales

An insurance agency's best practices should highlight the customer's needs and improve business processes. Insurance quoting software achieves this with improved speed, flexibility, and efficiency.

When quoting software integrates with other agency applications, you can achieve a good quote-to-close flow. By improving the customer experience and saving time, you boost your ability to close deals. .

Choosing the right insurance quoting software can help you attract and convert customers. By integrating InsurGrid for free into your workflow you can streamline the process of collecting insurance information from your customers. The intuitive interface allows prospects to quickly share their insurance policy information including dec pages saving time on data entry and increasing close rates by 50%.