Why Response Time Is So Important in the Insurance Industry
You’ve heard the saying: “If you aren’t first, you’re last.”
The reality? Today’s consumers are constantly comparing response times of services across all industries – and insurance is no exception.
Insurance providers know the sooner you make contact with a prospect, the better. Wait, and they’ll move on to your competition. And while quicker response times are expected in the insurance industry, today’s technology has made it so response times can no longer be measured in hours or days, but in minutes.
In fact, a response time of more than five minutes can result in an 80% decrease in the odds of qualifying a lead and turning it into new business!
However, reducing response time shouldn’t take away from accuracy and quality – which are just as critical. From the multitude of manual processes and workflows involving the marketing, quoting, submission and policy issuance process, it’s no surprise that many of today’s MGAs, insurance wholesalers and brokers continue to struggle with their response time. As a result, they are unable to remain competitive, improve systems, grow their book of business and retain good customers. These entities could be losing customers and not even be aware of it!
A Modern Digital Transformation Journey
The good news is that when done right, today’s technology can address the unique complexities of insurance workflows that for decades have prevented insurance entities from delivering products and services at the speed that prospects and customers want and expect.
For example, when it comes to marketing accounts, fully automated submission platforms can:
- Validate data
- Create required documents
- Verify a carrier’s appetite for a particular risk
- Populate and prefill supplemental forms
- Track submissions
- Provide instant pricing indications with a single click
In turn, you can reduce the need for manual processing and improve response time to increase conversions.
In this complex industry, if you aren’t responding to prospects quickly or providing renewal customers with the instant service they expect, they could move on and place their business elsewhere. So, ask yourself this question. Can you afford to waste another moment?
About Surefyre, Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our easy-to-implement process can integrate with almost anything, from ancient computer systems to top-of-the-line programs. Our platform makes your life easier by automating the submission, rating, quoting and binding process for all P&C insurance products.
To learn more, please contact Shawn Gonzales, adviser and account executive, at email@example.com or 415-480-9283.
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