How embedded quoting tools can work for you
By Raghav Tanna
Quoting is the most time-consuming part of the insurance process for agents and clients alike. Agents must visit individual portals for each carrier, rekeying data repeatedly. Clients, meanwhile, often need to fill out multiple, lengthy applications, supplying information their agent already has on file. This is not a good use of anyone’s time.
Using a comparative quoting tool helps agents quote multiple markets to find the best coverage options in a fraction of the time it takes to do so manually. But why not take it one step further and explore embedded quoting? Embedding a quoting tool allows agencies to offer commercial coverage options at the point of sale or increase prospective commercial lines customers without the manual effort that typically comes with quoting.
Let’s look at three of the top benefits of embedded commercial lines quoting tools.
- Meet customers where they are. Consumers are used to quick and easy business transactions across various industries in a self-service manner and expect this same experience with insurance. While the insurance industry may not be known for its ground-breaking tech advancements, this is one area where the industry can meet customer expectations.
Embedded quoting meets customers where they are. When the tool is embedded into an agency’s website, the point of sale or even a third party’s website, the customer can get quotes at any time of the day. No more waiting for business hours or an agent to be available. Customers can get quotes at their own convenience.
Adding to that convenience is the ability to reduce data entry. Reduced question sets, data pre-fill and custom field mapping make completing the application quick and easy. Not to mention, entering data once gets customers multiple quotes. This lets them optimize their time by getting more options, more quickly. - Simplify agency processes. Embedding a commercial quoting tool doesn’t just help customers. It also helps simplify and speed up the quoting process on the agency side. Embedded quoting tools integrate directly into an agency’s foundational management system. This means data can flow from the management system into the quoting tool, eliminating the need for agents to manually enter any data provided by the client, saving time and reducing the risk of errors.
Embedded quoting also speeds up the quoting process by eliminating the back-and-forth between an agent and the client. There’s no need to schedule the initial meetings or calls to discuss the client’s needs and gather information. Rates are received from the carrier in minutes, which allows the agent to quickly review, bind and remarket the client’s policy. - Encourage growth. We’ve covered how an embedded quoting tool helps clients and agents, but what about the overall agency? Utilizing an embedded quoting tool helps drive commercial lines growth. Embedding the tool directly into an agency’s website or at the point of sale is a quick way to capture leads with minimal effort from staff. Because the data entered by clients and prospects flows into the agency’s management system, agents can easily quote additional markets, upsell and cross-sell.
Additionally, an embedded quoting tool will display comparative rates from integrated, appointed insurers. This gives clients and prospects using the tool more options, making them less likely to navigate away from the agency’s site to look for different options.
Providing a digital, more convenient commercial lines quoting experience doesn’t just benefit agency clients and prospects, but also the agency itself.
Benefits for all
Providing a digital, more convenient commercial lines quoting experience doesn’t just benefit agency clients and prospects, but also the agency itself. Using an embedded quoting tool will give your clients the experience they want, save your agent’s time, and build your commercial lines business.
The author
Raghav Tanna serves as senior vice president, Product Management, Commercial Lines and Chief Executive Officer, Tarmika. After getting his start in the industry in 2015 as a commercial insurance producer and underwriter, Raghav founded insurtech startup Tarmika, a commercial lines comparative rater that streamlines the quoting process and increases the efficiency and profitability of insurance agents and carriers. Tarmika was acquired by Applied Systems in August 2022. Raghav also serves as a board member of Little Sparks Project, a nonprofit organization that supports children with complex conditions and their families.
