PLEASE PASS THE SALT

For insurance workers who have to key in lots of information, my “condition” (I probably just type too fast) would lead to problems. We’re talking about potential incorrect numbers, bad data and possible E&O exposures.

Fortunately, a tech firm has created a data intake platform that eliminates the need to enter and rekey information for insurance quote applications.

As an agency owner with over 18 years of experience, Dustin Parker, co-founder of SALT, recognized the tediousness of gathering information for personal lines quotes. “We don’t do personal lines anymore, but when we were, there was $300 to $500 of revenue on the table on a new opportunity,” he says.

“Watching our team go through 210 data points and spend an hour or two gathering data from different sources, including phone calls with the insured, and then loading it all into [our comparative rater], I just remember thinking ‘there’s got to be a better way to do this.’ It’s a horrible experience for the insured and the producer or the account manager.”

Parker teamed up with Jonathan Simmons, fellow SALT co-founder, who is a senior software engineer and product architect with over a decade of product development experience, to address the pain point in an agency’s workflow: the outdated, time-consuming, and error-prone process of collecting and transferring prospect data.

After prototypes were created in 2016 and then improved upon, SALT officially launched in 2019. As a data intake solution, SALT removes the need for the manual entering of prospect information by automating the process.

The product

I previously used the phrase “data intake solution,” but what does this mean?

“Data lives in your [prospect’s] head, your policies and in the public domain (e.g., your County Recorder’s [office] and BMV have a lot of information). SALT collects data from all three sources and loads it into your rating software,” Parker says.

“When someone puts their address into our application, we’re pulling all the data on the house, like the square footage and [if it has a] basement; everything that the public record has on the property, SALT pulls in.” This includes public data sources like Estated and Fenris, which can identify needed information on properties and vehicles.

To make comparisons in coverages and prices and identify coverage gaps, SALT also has the ability to securely pull declaration pages from carrier websites and generate a Policy Data Report.

“We have worked with MeasureOne and built an integration to pull all your policy data to the SALT platform [from your carrier sites],” Parker says. “If you’ve ever used Plaid to connect your financial institutions or to make a payment, it’s a similar experience.”

And after the data is entered once, it prefills across all necessary systems, including integrations with Applied EPIC, PL Rater, EZLynx and HawkSoft, among others.

While the intake process simplifies how agents collect data from prospective clients, equally important is the experience for the customer. “When you think about your brand, you think ‘what do I want this incoming customer to experience?’ The application oftentimes is the first experience they have, and most of us as consumers expect giving all that information to be a miserable experience,” Parker says. “SALT delivers a user experience in the agency’s brand, with their logo and in the way that they want to ask the questions.”

The platform is mobile friendly, with over 70% of its submissions completed on mobile devices. In the big picture, SALT isn’t just a tool; it helps build stronger client relationships from the first interaction.

Another benefit of the product is its ability to “power leverage referrals,” says Parker. “An agency in Tennessee [recently] reached out to us, and they’ve made a deal with a large Realtor® that has 2,000 real estate agents. SALT can issue a link to each of those agents, who can then refer their customers to the insurance agency with that link or a QR code. We’ll track exactly where it came from, and instead of getting a lead, the insurance agency is now getting a completed application [with the data pulled from public records].

“Our link system allows you to work with your commercial producers, local credit unions, mortgage brokers, real estate agents, and CPAs. Instead of saying ‘have them call us,’ they can hand them the link [to the application], which is customizable.

“It starts with a ‘squeeze page’ that [says something like] ‘Welcome to X Insurance. Thank you for coming from So-and-So Real Estate.’ [They’ll see] whatever message you want to give them to start the process, and then they can begin their application.”

The link also gives prospects the ability to submit needed information during an agency’s “after hours.” But for those agents and prospects who do want to have a conversation over the phone or in person, SALT has also enabled a Live Intake feature. As the agent enters the information, the platform validates the data in real time—delivering instant access to accurate, structured insights.

“You can key in the answers while you’re on the phone and still take advantage of the live, public data feed,” Parker says. “You’re not having to ask the prospect ‘what’s your VIN?’ or ‘Did you say M or N?’ ‘Was that D as in delta?’ That’s all gone with SALT. The conversation is faster, and you can get into a more advisory [role] and sell, which is what [producers] really want to be doing, not just asking about the numbers.”