It’s Finally Here!

It seemed like it never might happen, at least during my working life. Maybe for personal insurance but not for small commercial prospects including start-ups. There were just too many players unwilling to give up their proprietary information to agree on a simplified underwriting platform that would allow for a multi-line quote from multiple companies in a matter of seconds. But I actually saw it work!

I had the opportunity last week to see a demo of a revolutionary platform currently being used by one of our members. It was truly amazing! Consumer friendly, extremely easy to navigate and fully initiated and completed by the consumer looking for coverage on their business.

What up until now was a time consuming, frustrating high cost process was transformed into an extremely easy, cost effective way to attract and write new small commercial clients. What makes it even more attractive is that the whole transaction can provide a quote, handle inquiries and provide exceptional customer service from a mobile phone.

I wondered if this could be considered the “killer app” for writing and servicing small commercial business. I was truly blown away!

What made it even more exciting was the folks who created and are using this platform see it not only being used by consumers who prefer to deal directly with them but also by independent agents and brokers. They understand and believe that many consumers want to have their coverage handled by a local agent. They see it providing a cost effective means for larger agencies to efficiently handle their existing books of small commercial clients. It would also be a great tool for smaller agents who can focus on attracting prospects who because of the ease in using the platform will become new clients and create a long and mutually beneficial agent-client relationship.

This platform turns what used to be a nightmare process for both consumer and independent agent into an easy, fast opportunity for consumers to buy protection. It provides the consumer with choice and the opportunity to have a local independent agent to provide expertise and advice as well as claims support. For the agent it turns a currently frustrating and time consuming process into considerably higher hit ratios and more time to provide those clients with useful information and recommendations.

I know there are agents and brokers out there that see the advent of all these insurtech solutions as threats to their way of doing business. I don’t think that is the case. These new technologies really are a great solution for improving the process of buying insurance protection for clients. The time and cost savings that are also realized allow agents the opportunity to know their client better and be a true advisor in protecting them and their business.

We all know that our business is in transition from a personnel standpoint. There are significant numbers of long time insurance professionals leaving our business and there is a great deal of focus on bringing in new young talent. Innovative systems like the one I’m talking about bring our business up to speed and make it attractive to young people whose lives fully revolve around technology. They understand and see technology as a great tool for eliminating cumbersome and mundane work allowing them more time to do the relevant and important aspects of being an insurance advisor.

I’m excited about what is transpiring and how it will support the continued success of the independent agent and broker. I’ve always believed that consumers are best served by purchasing protection from a professional, committed independent agent or broker. This new technology will only make them more effective and better able to efficiently run and grow their insurance operations.