Tech Priorities From An Agent's Perspective
Over the past several years, the insurance industry has seen incredible changes, both with overall thought leadership and with increased pressure to incorporate better technology throughout the entire quoting and policy management lifecycle.
As exciting as it may be, it can be equally stressful and difficult to navigate with so many newly available tools and insuretech vendors.
This is why I wanted to start the year by focusing on two specific topics, sharing with you what are consistently the most important tech-related priorities from an agent’s perspective.
Data Entry Efficiency
When surveying agents, one of the most obvious problems they face is data entry.
Agents submit to their markets in one of two main ways:
- Through an online portal
- Sending documents via email
The reality is that most independent agents are always going to submit to multiple markets. No matter how good their relationships might be with any given MGA or Carrier, their priority is to better serve their insured. Better service will come down to providing the best policy at the best price and offering options in a timely manner.
If an agent must manually fill out multiple PDF documents or type the same information into multiple online portals, they are always going to have a harder time exploring new markets or stop submitting in general if they have better alternatives.
For example, when a market uses Appulate’s ACORD ingestion tools, an agent can use the same portal they always have, but without the manual entry. This saves a tremendous amount of time for the agent. Markets with these simple and accurate tools have seen an increase in overall submissions during a time when others saw a decline.
Alternatively, underwriting through these portals (or Appulate’s) can be automated in such a way that removes the need for any supplemental forms or proprietary applications. In fact, 30% of agents reported leaving markets that still require manual documents to be completed. While technology is striving to read these documents, removing the need altogether addresses the issues at the source.
Underwriting and Quoting
Did you know that agents want quotes as quickly as possible?
I say that a bit tongue in cheek- of course they do. But, how fast do they actually want them?
Instant quoting has been a #1 priority for agents each year over the past 5 years that I have surveyed and researched independent agents. However, agents have had very diverse responses to their expectations on quote speed. While agents will prioritize markets offering instant quotes, the vast majority expect a quote to be returned within 24-48 hours of a submission. This is very doable if underwriting is automated and manual entry for the agent or underwriter is eliminated.
This is why platforms like Appulate have prioritized underwriting automation first and then offer the agent an ability to retrieve rating indications or fully bindable quotes.
Today, API enablement is one of the top investments for P&C markets. As the industry continues to evolve, markets are recognizing that most agents prefer to quote multiple markets on a single platform rather than individually on multiple portals.
A Bit About Appulate:
Appulate is the best way for insurance agents to save valuable time in their day-to-day operations. With over 300,000 users, both agents and markets alike use Appulate’s innovative insurance-dedicated platform to streamline their underwriting processes, from quoting to submissions, all within a single user-friendly interface.
Here are 2 great articles you will enjoy reading on Automation:
Article 1: "As we step into 2025, the insurance industry is poised for significant transformation. Leaders from across the globe have shared their insights on the key trends shaping the future of insurance. From the rise of digital innovation to the evolving risk landscape, these predictions offer a glimpse into what the year ahead holds.”
Article 2: “Earnix has published its third annual 2024 Industry Trends Report, revealing evolving priorities and pressing challenges within the insurance industry. Based on responses from over 400 insurance executives, the report sheds light on the sector’s increasing reliance on AI, ongoing modernization struggles, and rising regulatory demands.”
How Can Appulate Help?
Check out some of our most recent blog posts below to learn more about Appulate, industry insights, and more, not to mention how Appulate can:
- Reduce friction for agents.
- Automate underwriting.
- Increase your product distribution.
We would love to find a way to work together!
Whether you're a Carrier, MGA, or Broker, Appulate’s robust platform helps you work smarter, not harder. If you’re ready to expand your business, save time, and cut costs, let’s talk!
For more information, please CLICK HERE or email sales@appulate.com for further help from the Appulate team.
