When it comes to insurance, obtaining quotes is one of the most vital parts of the experience. Without them, it can be much, much harder to choose which insurance company is best for you. But how do potential customers obtain these quotes?
In the insurance setting specifically, quotes are estimates of how much any given insurance program will cost the buyer. It is not, as some assume, an offer or contract for insurance. It merely gives individuals an approximate, educated guess as to how much a specific type or brand of insurance will cost them.
Traditionally, insurers would calculate their customers’ quotes by comparing their company’s average insured’s costs with the individual’s specific needs and situation to determine an approximate premium for said individual. Typically, this would involve hours-long phone calls to agents wherein people would have to give out endless details about themselves, their families, and their situations. On top of that, they would also be required to fill out in-person questionnaires that required trips to their agent’s office, losing significant amounts of time in the process.
But today, there are so many different kinds of technology on the market that make this job exponentially easier. One such piece of technology is insurance quoting software.
What is an insurance quoting software?
Insurance quoting software is a type of computer program that removes virtually all of the hassle involved in determining an individual’s insurance quote. The software allows insurance companies to automate much of the quoting process online. Potential clients can use it to compare rates and quotes from many different insurance companies to choose the best one for themselves, and companies can use the software to save time and attract more customers.
When insurers implement insurance quoting software programs, customers no longer need to divulge endless streams of personal data. On the other hand, agents can drastically reduce the amount of time they spend, focusing on individual clients rather than using th time to convert visitors into viable leads.
Basic functions for insurance quoting software
Insurance quoting software has several basic functions to offer customers and agencies the absolute best experience. Among these are calculators, comparison tools, CRM, chat features, and mobile apps.
Calculators allow individuals to gain valuable insight into the kinds of coverage that are most appropriate for them. Typically, they include fields that factor in the individuals’ mortgages, student loan repayments, inheritances, and various factors pertaining to life and health.
Comparison tools help individuals evaluate quotes without requiring registration. This is especially helpful for those who opt for multi-carrier strategies.
CRM, or customer service management, solutions allow companies to store their customers’ data and exchange or update it amongst other insurance agencies as needed.
Chat features are great for many people. These allow individuals to have their questions answered online either by an insurance agent or an AI bot without the delays or hassles from emails or phone calls.
Mobile apps are also very popular features, and they’re more popular now than ever. They allow customers to have much more accessible access to quoting services in the palm of their hands.
Advantages of insurance quoting software
As you may have guessed, there are many advantages to using insurance quoting software. This software is great at improving customer service and keeping insurers and their clients up-to-date on any new information automatically — from reducing paperwork to automating time-consuming services.
No more paperwork
One of the most challenging aspects of manual insurance quoting is the sheer amount of paperwork that constantly needs to be kept up with. With insurance quoting software, everything is automatically filed and maintained in the system so that it can be accessed anytime and anywhere.
Automated
With the software, quotes can be created faster than ever for agents and customers alike. And, with all that extra work being taken care of in the system, lead generation can increase and clients can access their quotes from the company’s website whenever. Additionally, it integrates with most CRMs and provides real-time alerts for agents.
Provides a good customer experience
Customer service is one of the most important features of any business, and insurance quoting software provides a service that makes life so much easier for potential clients. It’s easy to use, and it eliminates unnecessary face-to-face contact with agents.
Increase trust
Insurance quoting software lets your customer know up-front that they have options. It doesn’t push any particular brand too hard and instead helps them review all of their options and customize plans for their individual needs. This monumentally increases the customer’s trust in the agency. They’re able to make their own decisions about what’s best for them and with less intimidation than they may have if they work face-to-face with agents.
Keeps you updated
The software isn’t just a one-and-done use system either. Instead, it works for agents long after the initial quote is made. It allows them to solidify their knowledge about their products and compare it to market trends. This allows them to adjust their marketing strategies and product to stay as competitive as possible.
Key takeaways
Insurance quoting software is an invaluable tool with many key advantages for clients and agents alike. It promotes customer service, cuts down on unnecessary paperwork, and automates many different jobs that would otherwise be time-consuming for everyone involved.
For more information on insurance quoting software, contact Better Agency today.