Author: John Reints
Are you an agency that has a book of business that a carrier just non-renewed? Or a carrier that has a top agency partner that wants to roll a book to you, but needs it all requoted first? Or even a wholesaler that wants to help an agency place a book with your carriers, but you’re not sure which of your carriers have appetite? If so, you know rolling a book of business can be a difficult, time-consuming task that takes hours of manual quoting. This opportunity, if not undertaken correctly, can end up costing you money instead of adding revenue to your pockets. It takes your team away from producing new business for submissions that may never even get a quote in response. So how can a technology partner help you make this task easier and more profitable? That’s where bulk quoting comes into play.
In insurance, bulk quoting refers to the process of obtaining quotes from multiple insurance carriers for multiple policies at the same time. The right technology partner can help you connect to your carriers using data from your AMS and taking advantage of available API connections.
Bulk quoting a book roll can be beneficial for insurance agencies in several ways:
1. Time savings: Instead of obtaining quotes from individual carriers one by one, an agency can request quotes from multiple carriers simultaneously, saving a significant amount of time.
2. Cost savings: By obtaining multiple quotes, agencies can compare the costs and benefits of different policies and carriers, and select the best options for their clients. This can result in cost savings for both the agency and the client.
3. Improved customer service: By offering a wider range of policy options at competitive prices, agencies can improve their customer service and attract new clients. Customers are more likely to choose an agency that offers a variety of options and can help them find the best policy for their needs.
4. Increased revenue: By offering a wider range of policies and carriers, agencies can increase their revenue streams. This can also lead to cross-selling opportunities, where an agency can offer multiple policies to the same customer.
Overall, bulk quoting can help insurance agencies streamline their operations, improve their customer service, and increase their revenue.