Evolving insurance with digital efficiency | Insurance business America
How Applied Systems developed solutions to streamline commercial lines
technology
By Mallory Hendry
Raghav Tanna (pictured), senior vice president of commercial lines at Applied Systems, recently needed a new charging cable for one of his children’s toys. He didn’t have to drive to a store to pick it up, he simply ordered it from Amazon and four hours later it arrived. He balances this with how he thinks the insurance industry should work. You can contact agencies for advice or ask what type of insurance coverage they have, but to just get information you can send them online – at least that’s how it should work.
“As an insurance customer, I would rather send everything digitally and have them call me and say, ‘Here are your options, let’s discuss what’s best for you,'” says Tanna. “Consumers don’t need handholds; You have to tell them what’s important. The actual agency approach is advisory.”
As Amazon’s same-day delivery shows, the trend towards online business is real and it seems that everything except insurance is now done digitally. But increasingly it appears that this is how consumers want to buy in this industry too, and agencies must be ready to deliver.
Building a digital insurance tour
For agents, planning for the future is about more than just growth, it’s about adapting to the buyer’s changing needs. To that end, Tanna says Applied’s goal is simple: build an all-round digital insurance company.
“From submission to policy downloads to gathering information and carrier quotes and integrations, we want all of our pieces to be connected,” he explained. “The circle should come full circle.”
Applied, a provider of cloud-based insurance software and agency management systems for independent agencies, recently recognized the need for commercial insurance lines to be more effective and efficient, especially in this challenging market. For agencies, commercial lines were not particularly profitable for small businesses, and overall they found that they had to rely more and more on excess, which made things even more difficult. As the industry transitioned from straight-through processing to full-service applications, Applied recognized that workflow needed to span all areas of the business and got to work using this round-trip mindset.
Applied has integrated the application process for small business, medium-sized and complex submissions to make life easier for agencies while ensuring carriers get all the data points they need to properly assess risk – creating “what all of our agencies have been “. I’ve been looking for years,” Tanna remarked.
“We want to ensure that if it affects commercial lines at all, it is done in a single workflow where data can be transmitted seamlessly and easily to network operators and network operators can respond to agencies’ requests.”
Agents work with two areas: new business and contract renewals. For new business, Applied has developed Tarmika Insured, a solution that allows brokers to compete with direct-to-consumer partners. By embedding the code into the agency’s website for lead capture purposes, the collected data is inserted into an application and allows brokers to transmit it to a carrier. Agents can direct leads to their website or to a link that asks prospects to pre-fill their own information.
It can be set up to either make an offer to the person straight away or, for those who prefer a more personal approach, it can be sent directly to the agent. As an expert advisor, the broker can call the prospective buyer with a variety of offers and discuss a few options.
Applied also has a renewal workflow linked to the Applied Epic platform. Agents can remarket to any existing carrier within the Tarmika platform and receive offers from them with just a few mouse clicks.
“If a customer doesn’t want to renew and there are any issues, agents can simply remarket,” concludes Tanna. “Or embed our code into your website and bring offers and data to the right places.”
New or renewed digital connections of commercial lines ensure ROI
Submitting applications to carriers via a portal takes an average of 20 to 30 minutes per carrier. Using an assessment application such as Tarmika or the version available in Applied Epic, one application can be made and submitted to five, six or seven carriers. If an agent processes 10 commercial applications per week, they save well over an hour per application. With time savings always an important issue, using a solution that maximizes efficiency in this way means you can free up a full working day to focus on more important things.
If a broker wants to simplify and streamline processes, there are three steps to succeed in the commercial space: connect to technology that connects to your management system, gain expanded access to carriers, and leverage automation and connectivity. However, Tanna says the key is to understand that while technology is a clear advantage, one solution cannot solve everything.
“Everyone thinks that having technology in their office is the solution, but it’s a tool – you have to know how to use it, in the right way,” Tanna said, giving the example when you’re bound to screw something up. You’re not going to use a hammer. Likewise, using the wrong technology will not be effective.
“The best way to approach it is to ask yourself, ‘What is the problem at my agency?’ Then do some research to get your bearings,” he adds. “You really have to focus on those problems and then carefully integrate the technical solutions that will help solve the problem.”
Applied Systems can help you get your technology on the right track. Contact us today for more information.
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2024-05-24 15:30:46
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