March 9, 2022

How Insurance Quoting Software Can Increase Enrollments


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If you're looking for a way to increase your enrollments, Insurance quoting software may be the answer. Quote software can help you and your agency input information more quickly and easily. This can save you time and energy, and allow you to focus on more important things. 

A vital part of the experience in insurance is obtaining a quote. The choices in the insurance plans can be overwhelming for most individuals and employers unless you are presented with the information detailing your options. A quote describes the approximate cost for various companies and types of insurance. 

As an agent, you must ensure your clients can access various quotes from multiple carriers in the insurance industry. In the past, it meant manually filling out a quote form on various carriers' platforms requesting quotes on behalf of your clients. The client needed to fill out several questionnaires, sometimes at the agent's office, to provide personal information. 

But technological advancements in the insurance industry have made things much easier and more efficient, as seen in this SMA survey. Businesses are also seeing enrollment increases and hence increasing profitability.

What is health insurance quoting software?

Insurance quoting software helps automate preparing an individual's or business's insurance. Clients are presented with multiple quotes to compare carriers and rates instantly. Traditionally, lengthy meetings had to be scheduled in person or over the phone with the agents to go over all the details. But technology has drastically changed the way we do things. 

Agents only need to fill out basic information once, and software does the rest. Insurance quoting software helps organize data and presents it in a very user-friendly manner. Insurance companies are able to see the entire process and can quickly quote a price. It's a win-win for everyone involved.

Nowadays, technology has allowed for the development of software specific to health insurance. New quoting tools are designed to help quote, bind, and issue health insurance policies. The software allows the agent to quickly input or easily access pertinent information about the client, including age, gender, state of residence, and tobacco use. 

The program then searches through the carrier's rate tables to find the best rates and coverage for the client. It allows you to quote for group coverage, individual coverage, and family coverage. The best part is it only takes a few minutes to get a quote.

Benefits of Using a Health Insurance Quoting Tool 

Before technology, preparing a quote was challenging. The administrative tasks involved were time-consuming, and agents had to gather information from various carrier platforms and prepare it in Word or Excel documents. You also had to calculate approximate premiums for clients. The client had to spend hours scouring through the documents before deciding. 

Thanks to insurance quoting software, the process is simplified for both the agents and their clients. Customers no longer have to give out personal information at this stage to get quotes. Thanks to the user-friendly and informative solutions, agents convert as many visitors as possible to leads. 

No paperwork

One of the major setbacks of manually taking and filing customer information is the sheer amount of paperwork involved. The process is prone to human errors and redundancy. Investing in quality insurance quoting software eliminates the risks brought by human errors. 

With technology, everything is digitally filed at every stage of the customer cycle. Access this information at your convenience anytime, everywhere, from multiple devices. Thanks to automation, there is minimal or no interaction with the agent during this process.

The software eliminates the need for extra storage as you can email papers automatically or manually once you are through reading.

Quick proposal builder

Once you integrate your quoting software into your CRM, you can easily share client details for quick and automatic proposal building. The software takes care of most of the work for you. The best software lets you update information in real-time. Meaning when carriers change rates, you can change your quotes instantly. You also get alerts in real-time, helping you take care of situations as they arise.

Additionally, the system generates quotes that are simple and informative for clients to understand. You can also personalize the quotes and implement your branded design to enhance the customer experience.

Increase trust 

The increased transparency and speed with which quotations are displayed have helped clients and their agents build trust. With up-to-date information at their fingertips, agents can present multiple options to address their clients' needs. 

Prior to these advancements, agents had to search for the best rates and coverage on their own. They would then have to call the client back and present the information.

As a result of the adoption of quoting software, clients can choose what best fits them. The agents' work is to help them review the options but never push them towards any carrier. Clients need to know that you're shopping for options that benefit them. Trust is vital in building customer loyalty and improving customer retention rates. 

Multi-carrier quoting

Employers and individuals want personalized options, not a one-size-fits-all kind of solution. Customers must know their needs are at the forefront when agents shop for carriers. Quoting software allows you to present multiple quotes quickly, giving a diverse offering. It puts you ahead of the competition when you make the quotes more personalized for each client. Consideration goes a long way in cementing the relationship between client and agent.

Integrated forms

The integrated form feature is another benefit of having the quoting software at your disposal. You can access all the forms you need and send them to the leads immediately at the click of a button. Integrated forms reduce the repetitive tasks you have to complete, saving you time and resources.

Most of the information doesn't need to be filled in multiple times as it is already in the system. Another added advantage is they reduce human errors.

Compatibility with various devices 

In today's digital age, work can happen anywhere. It is critical for agents to access this software from any platform. As a result, agents are flexible and adaptable to clients' needs. The software is compatible whether it's from a PC, MAC, smartphone, or tablet. Prospects and clients love having the system on any device, especially the mobile app.

Improve lead generation process 

Providing an excellent customer experience is a must to succeed in any business. Insurance agencies are no different, and how customers perceive your business is crucial. When a lead establishes contact with you, whether they found you through your website or you found them, you need to respond to their needs in the shortest time possible.

Delays could cost you a potential client, and so could a complex process. In this day of instant everything, customers expect a simple process and quick service. Quoting software helps you respond to customers in record time with various offers. This boosts your chances of making a sale. 

In addition, the comparison feature helps your prospects compare insurance plans. Since you already have a quote, scheduling a meeting and turning them into clients is easier. This tool helps you improve the insurance lead generation process. 

Educate yourself and employers 

As an advisor to your clients in all insurance matters, have all the information at your fingertips. Important information such as history of rates, rate changes, benefits offered by various carriers, and calculators will help you advise your clients better. For example, you should know about your state's top 15 popular insurance plan options. 

The software is also regularly updated, meaning you can stay on top of market trends as you solidify your knowledge. Thus, you can align your insurance marketing strategies to the trends to stay ahead of competition.

The insurance quoting software gives you access to all this information, giving you a competitive edge. When you figure out where your clients can save, you can use that to reach out to them. The same knowledge applies when engaging prospects.

HR professionals can use the same to compare, contrast, and calculate rates from multiple carriers depending on their company needs. This way, they can decide if they need to move from one carrier to another depending on the rates and benefits they provide. All this knowledge is made possible by having access to the quoting tool.

Software can increase enrollments 

As you choose your software, it is prudent that you select one that will help you provide a good quote-to-enrollment flow. Most of the data required during the quote process is the same as enrollment. Therefore, you can significantly increase efficiency by avoiding double data entry and redundancy. It saves you on costs associated with paper quotes and enrollment forms such as printing and binding. 

Ensuring customers receive a personalized quote enhances their experience. It saves the clients time, which are factors that boost your enrollment. Increased enrollment means an increased growth rate and more profits for your agency. 

Final Thoughts

Insurance quoting software is an invaluable tool that increases efficiency for just about any insurance business and enhances the customer experience for clients and prospects. It automates the process and improves productivity. Agents can quickly generate informative and personalized quotes with branded designs. Individuals and businesses can receive multiple relevant quotes, enabling them to make the best choice.

By implementing InsurGrid, you can streamline the process of collecting insurance information from clients. The sleek and intuitive interface allows prospects to quickly share their dec pages, meaning you'll be able save yourself time on data entry while also increasing your close rates by 50%.