We recently conducted research on the future of independent agents and learned 75% of agents believe that investment in technology is critical to their survival. Have you been giving your team the technology tools they need to succeed?A few years ago we asked ourselves that same question and set out to find software that could help our agents be more efficient. We wanted them to be able to compare multiple carriers and products in one platform and seamlessly connect with customers shopping online or over the phone. Proving more difficult than expected, the solution ultimately was to create our own insurance technology that could do this with ease. That is how Policy Crusher was born.
We didn’t stop there—since we were building our own system, we asked ourselves what would be on our wishlist beyond being able to quote and bind insurance. We wanted to create an integrated distribution platform with Policy Crusher at the core. It would include a whitelabel, consumer-facing digital marketplace that connected with the agent software. This allowed agents to respond to digital leads in real time and track them by each distribution partner, making finding the right coverage, embedding insurance, and cross-selling a breeze.
While Policy Crusher was originally built for our own agency, it wasn’t long before other carriers, brands and agencies started inquiring about accessing Policy Crusher’s agent-facing software and CRM solution for their own companies. In 2018, we began licensing it as a service and since then, Policy Crusher has been used to power industry leading carriers, brokers and some of the largest brands in the world.
Evolving shopping habits
Traditionally, selling insurance largely involved building a personal relationship with a prospect—often over lunch or coffee—and then working with them to find the right coverage at the right price. Agents would then manually follow up with multiple carriers, evaluate coverage and provide a few options for their customers. While this relationship-based approach still has viability in the market, we can’t ignore the fact that shopping habits are quickly shifting to the digital marketplace and agents can now leverage tools to gain efficiencies.
In 2019, P&C insurance company Chubb surveyed home insurance buyers and found that in the past 12 months 69% of respondents had shopped for insurance online and 73% were likely to shop online in the future. Interestingly, they also found that among those who work with an independent agent or broker, price was not their primary concern. Respondents cited advice, access to an individual when they needed something, and time saved by letting the independent agent or broker shop carriers as the main reasons to work with an insurance professional.
Here’s where Policy Crusher can help: when a potential insured shops for insurance they want to be able to research online and have the flexibility to call an agent with questions, review the offers, and have the option to purchase online or over the phone without having to repeat their information. The agent can pick up where the prospect left off in their digital journey and see results across multiple carriers, which saves themselves and their clients time.
Policy Crusher: enabling a seamless purchase path for insurance
Online shopping provides a unique opportunity to embed insurance. Any time someone is purchasing a good or service from a site, it is timely to offer relevant coverage at the point of sale. Providing consumers peace of mind and convenience while automating and increasing insurance sales.
Policy Crusher can take minimal information and automatically recommend lines of coverage that clients may be interested in, such as pet, life, auto, and more—making it easy to search, quote, cross-sell, and bind. This makes sure every customer is being offered relevant products every time.
Policy Crusher enables our partners to :
- Embed an insurance offer into a digital journey, such as applying for a mortgage, banking, buying a car, and more
- Digitally capture leads and bind via a white label choice website
- Seamless transition between traditional and digital workflows for quoting and binding
- Manage prospects and clients in a user-friendly agency platform
- Work from anywhere using cloud-based technology
- Provide options on the products and carriers that are presented
At Bindable, we’re confident in our product because our team uses it internally daily. We work with hundreds of agencies, brokers, and brands of all sizes and needs. We’d love to share how Bindable’s product suite helps save time, increase profits, and build a loyal customer base for your team. Contact us today to see how Policy Crusher can revolutionize your insurance distribution.