How can Brokers Use Technology to Compete Against Direct Writers?

By Bill Murray, VP Sales, Custom Software Solutions Inc.

Bill Murray, CSSIConsumers today expect convenient options and responsive service. Don’t feel like cooking? Use Skip the Dishes and have supper delivered to your doorstep. Need fuel but want to be back on the road as fast as possible? Pay at the pump and go. Don’t feel like waiting in line to speak to a bank teller? Online banking empowers customers with a range of self-service tools. Insurance is no different.

Direct writers allow consumers to obtain an insurance quote, buy an insurance policy online, and within minutes have a bound policy electronically. How can brokers compete with this? By utilizing Real-Time data exchange technologies.

A particular pain point for brokers obtaining a quote is a rate mismatch. Quoting vendor integrations provide Real-Time online quoting using IntelliQuote from Custom Software Solutions (CSSI). This technology connects brokers directly with the insurance company for accurate rates to both brokers and consumers.

Do you want to be as responsive as the direct writers? Real-Time policy issuance is the key. Being able to get an accurate quote from a company and sending a bound policy to the customer, either online or over the phone, allows brokers to offer the same responsiveness as the direct writers.

Benefits from quoting vendor integration:

  • Improved rating accuracy
  • Rate updates in Real-Time
  • Rate maintenance efficiencies
  • Ability to react to market conditions more quickly

Thanks to the IBAC initiative, several large insurance companies partnered with several BMS vendors (including CSSI), and are venturing down the path of Real-Time rating and Real-Time policy issuance. Consumers have shown they are quick to adopt new empowerment technology. The insurance industry needs to catch up.

Learn more about our Real-Time solutions at cssionline.com


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