Quote management is a very critical, yet mundane activity that happens in Insurance industry. The usual workflow starts when a customer requests an insurance agency to provide quote. It needs to have the best possible coverage and low premium that would meet their requirements.
In most agencies, the Customer Service Representative (CSR):
- Reviews each individual quote
- Manually enters the information into a Microsoft Excel Spreadsheet for comparison
- Shares the information with the customer
The result for most Insurance agencies are:
- The inability to identify the best coverage and insurance premium quickly
- Heavily manual, slow and laborious processes that cause delays and errors
- The inability to provide good customer experience and employee experience
Image Alt: Bad Customer Experience
When looking for a range of quotes for, you are bound to come across quote comparison tools. They have become popular for a reason. Whether you’re looking for auto insurance, medical insurance, or property insurance, a comparison tool can be indispensable.
In this article we delve into how insurance quoting software works and the attendant benefits.
The basics of insurance quote compare software
An Insurance Quoting Software operates on a simple principle. The collate data from multiple providers to enable a comparison mechanism. When a customer makes a request through the insurance quoting software, it presents that request for quote to the appropriate partners via an Application Programming Interface (API).
The CSR/AM gets a number of responses in the form of quotes, ranging in price and coverage. While some tools have a delay, the majority of insurance quoting software are completely automated and the quotes can be generated instantly.
At this stage, the CSR/AM can decide which quote best suites their client needs.
Insurance agents, brokers and agency benefits
The question on your mind is probably why you should use insurance quoting software? The biggest benefit is it makes it possible to get a range of quotes instantly. CSR’s & AM’s don't have to conduct complex research and analysis for each individual provider. It is also easier to compare the best deal that suites your business.
Image Alt: Insurance quoting software
A Quote comparison software simplifies the process of shopping for an insurance policy. When comparing quotes across vendors, you can save time and money by contrasting and analyzing quotes across multiple providers. It is the most effective way of finding the best and cheapest coverage.
For instance, a good Quote Comparison Software can shave hundreds of dollars off your insurance premium.
Real-time versus offline quote comparison tools
Real-time quote comparison tools can provide estimated quotes based on historical data. While this is faster, they may not have the most up-to-date information. On the other hand, a Quote Comparison tool with real-time quotes is more accurate.
The Exdion solution
Comparing multiple quotes is always a challenge but Quote Compare does this for you with just one click!
Exdion's Quote Compare is a new AI-driven quote comparison tool. It is aimed at the mid-market and complex risks segment. The technology automatically compares your insurance proposal with multiple carrier coverage quotes to find the best deal.
Quote Compare provides the user with key coverage areas in each carrier's quote. It reports items by the carrier, enabling easy comparison of the options provided.
This accelerated quote comparison process checks for critical coverages available on the carrier quotes and summarize the information. CSR can use this easily and objectively choose the right quote based on data, with no scope for bias.
Exdion's Quote Compare:
- Analyzes and compares critical data elements across multiple carrier quotes
- Provides you with granular Line of Business (LOB) level details at a click
Key features of Exdion Quote Compare
- Automatically compares quotes from multiple carriers
- Eliminates manual work of reviewing and compiling every quote
- Improves customer response time immensely
- Allows agencies to make unbiased decisions
- Increases productivity
- Reduces decision time needed at the customer’s end
How the Exdion Quote comparison tool works
Our software extracts key elements to provide a comprehensive overview. Exdion's tool focuses on:
- Premium pricing
Exdion's tool is the panacea for quote comparison. It is a smart AI and cognitive science-based platform that helps to completely automate and accelerate the process of comparing quotes. As an insurance quoting tool, it eliminates manual hours, otherwise wasted on piles of papers and potential errors during the quote binding process.
Exdion's software checks for critical data to quickly identify:
- The best coverage
- Terms & conditions
A CSR simply needs to select carrier quotes, compare and press the submit button. A summary of the comparison will be available in seconds for the CSR to review and decide on. What used to take hours or days, now happens within few minutes. Exdion's Quote Comparison Software:
- Significantly improves the service response time
- Allows CSR to spend more time on customer relationships and sales
- Eliminates the manual process using AI/ML
- Extracts and analyzes data in quotes faster and better than a human
- Allow CSRs to focus on high-value customer facing initiatives
- Drive growth of the agency with a focus on business
- Streamlines and simplifies quote comparison- up to 5 policies at once
- Extracts, interprets and analyzes unstructured data in real-time across document formats
- Helps CSR quickly compare premiums, endorsements and limits side by side
- Comes with powerful seamless integration that can pull data from back-end systems
- No need for manual data entry
Exdion leads at helping insurance agencies digitally transform to be future ready. Get in touch with us to know how.