Insurance Broker Blog

The Technology That’s Changing How Insurance Brokers Do Business

In our digital age, speed matters and time becomes a form of currency. Studies show that 35 to 50 percent of sales go to the vendor that responds first. Microsoft’s recent consumer study found the human attention span is a mere eight seconds, down about 30 percent from 12 seconds in 2000.

What does this mean to you as an insurance broker? Your group clients are expecting information, like quotes and renewals, faster than ever. To compete successfully and meet your client’s changing needs, tapping into technology tools can give you a competitive edge.

And it’s not just what your clients want; health insurance brokers agree. We surveyed health insurance brokers about what they’d like to change in the industry; one of the top three responses was the quoting process.

The Benefits of Online Quoting for Insurance Brokers

Many carriers offer online quoting tools for their brokers. These carriers understand the client demand for speedy information. While certain cases need custom underwriting, many groups can use online rates.

  • With online quoting you can provide clients with more options, faster. You can quote quickly, reducing time working with carriers for rates. Time savings and faster response time to your clients: everyone wins.
  • Client relationships matter. Online quoting doesn’t have to remove those important personal connections you’d built during your career. You can provide real-time quotes while meeting with your clients. You can pull up a carrier’s quoting tool from your laptop or mobile device and quote (and review rates) in real-time with your benefits administrator.
  • Online quoting allows you to review multiple quotes across a carrier’s suite of products. You have a variety of options, price points and benefit options at your fingertips.
  • Real-time quoting increases productivity. Get valuable time back in your schedule to prospect more, strengthen your existing client relationships, keep up with CE requirements and industry trends.

Technology continues to shape the healthcare landscape. Online quoting can be an excellent tool to grow your sales, provide your clients with quick results and create a more efficient work week. Ready to tap into this tech tool? Ask your carrier representative if they offer online quoting.

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