Quoting and binding policies with InsurTech solutions makes it easy for clients and prospects to do business with you. It also helps your brand build loyalty and profits.
In this article, we’ll dig into how a branded solution turns your brand into the go-to resource for your clients and prospects. When clients know they can rely on you for all of their insurance needs, it increases their confidence in you and boosts your cross-selling opportunities—ultimately improving your bottom line while freeing up agent time.
In today’s insurance landscape, customer satisfaction is directly related to providing quotes and binding coverages quickly and conveniently. The new generation of buyers has demanded something called bionic distribution—a combination of immediate self-service and the option of speaking to a human directly when needed.
Software that allows you to virtually quote and bind policies helps you meet the next generation of insurance customers where they are: online. Look for an InsurTech solution that streamlines the front-end process for clients and prospects while also processing the policies on the back-end. This has the added benefit of freeing up your agents’ time to address specific needs as they arise.
White label solutions provide more products that can be leveraged through Bindable’s digital marketplace but branded as your company, agency, or organization. Consumers can get quotes and in some cases instantly bind coverages like pet insurance and home warranty in one place, with little additional effort on your part.
Additionally, innovative InsurTech software can also alert you of the fact that people are looking into certain lines of coverage, allowing you to proactively reach out and provide an even higher level of customer service to them. When reaching out, ask them what questions they may have and offer to walk them through the process of binding that coverage then and there. You may even find opportunities to cross-sell!
When you provide the solution for multiple lines of coverage for your clients, they stick with you. Your platforms and services become their first stop when adding additional insurance products, making their insurance experiences more convenient and requiring very little additional effort on your part. On top of that, renewals are automatically tracked, which makes it simpler for you to proactively reach out and even offer additional products for easy cross-selling.
A great InsurTech solution frees up time for you to address specialized needs as they arise and increases your profitability. Frederick Reichheld of Bain & Company (the inventor of the Net Promoter Score) showed that a 5% increase in customer retention can increase profits by over 25%!
InsurTech solutions allow you to cast a wider net under your brand, providing many products from the same branded source. Bindable’s Enterprise Solution is web-based, which makes it easy for end consumers to find the coverage that best fits their needs. Not only is it a better experience for those that work with you, but you’re also able to cross-sell more easily.
Bindable is the InsurTech solution that can give your brand a true digital marketplace for clients and prospects to quote and bind coverages—from auto to pet to life—making you the trusted source for their insurance needs.
We’d be happy to show you our solutions in action. Contact us to see how Bindable can help you digitize your marketplace and increase customer retention and profitability.