Survival of the Fastest–Strategy 4: Auto Quoting for Nimble Insurers—of Any Size

Survival of the Fastest–Strategy 4: Auto Quoting for Nimble Insurers—of Any Size

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In this, the final article of a four-part series, see how an agile mindset and carefully chosen partners can help auto insurers evolve and modernize their quoting to meet a demanding new generation of customers.

A better customer experience (CX) should be reason enough for insurers to embrace quote flows driven by deep data resources, insightful analytics, and the latest technology. But insurers can realize benefits that extend throughout their operations as they build toward a process that delivers a single, bindable quote for most applicants.

In addition to streamlining CX, consider just a few of the possible use cases:

Fraud prevention and risk segmentation: According to the Coalition of Insurance Fraud, auto insurance premium leakage costs the industry more than $35 billion annually. Today’s data sources can provide and help verify a wealth of driver, vehicle, and environmental data in near real-time.

Unidentified drivers and vehicle discovery: Data on household composition can help flag application information that may warrant further investigation to uncover potential hidden drivers and vehicle characteristics or usage.

Preferred status in distribution channels: Being easier to work with can move an insurer up the list for call centers, agents, and comparative raters influencing customers’ choice of carriers.

Insight into lost business: As prospective customers go deeper into the sales funnel, they leave clues in the data that can help reveal why some drop out of the process before bind.

Tools to build innovative buying journeys: Experiences can be designed around the customer, even extending to embedded insurance that may be wrapped into major purchases such as new cars.

Not too soon

If modernization seems like an item for a distant future agenda, note that most of the industry is already focused on this challenge. A 2023 Celent study of property/casualty information technology leaders found these top four business priorities:

  1. Process optimization
  2. Growth
  3. Operating cost reduction
  4. Digital acceleration

Modernization is top of mind for many insurers, and that can’t happen without modernized quoting. In this new era of insurance buying, a quicker, cleaner CX is non-negotiable. Unlocking one-rate acquisition could be the key to multiple competitive advantages. Don’t be left behind. Insurers that adapt will own the future.

Click below for the other articles in the four-part series:

Survival of the Fastest–Strategy 1: Auto Quoting that Avoids the Hidden Costs of Lost Business

Survival of the Fastest–Strategy 2: Auto Quoting that Saves Customers and Insurers Time and Money

Survival of the Fastest–Strategy 3: Auto Quoting Built on a New Vendor Pricing Model