The insurance citation process has changed shockingly little through the history of the profession. Back in the 19th century, transport companies would deliver quotes by mail or messenger. Later we moved to night packages and faxes. Today we use e-mail.
In addition to the fact that the document is now digital, most companies' delivery of the proposal is the same "throw it over the wall" technology that we have used for hundreds of years. This is usually followed by a game of tags and emails when brokers and insurers swap messages back and forth to refine the proposal if needed.
The citation process does not have to be stuck earlier. In fact, in some parts of the industry it is not.
For example, when you receive an automatic quote from Progressive, their "name your price" tool lets the customer play with deductibles and limitations in a collaborative proposal environment. which allows the carrier and the customer to easily work together to complete the solution.
Inviting the customer to the quotation process like this means that when there is a need to adjust, negotiate or address issues, it can be done quickly and efficiently. This creates a better customer experience and better policies, both of which are in the long-term interests of airlines.
Now the specific model will not work for a more complex risk or business, but there are plenty of tools that enable collaboration between carriers, brokers and customers. For example, many companies use Microsoft Sharepoint or Teams to create documents together. Google Docs can also edit documents and share comments. Extending cloud-based collaboration to the customer in a secure and inviting way is clearly possible.
With a little imagination, we can also imagine a completely different sales closure and quotation experience.
- When the offer is ready, the broker is sent a link to the proposal. The proposal contains data and analyzes that they can share with the customer that explains the price, videos or marketing material about the operator's unique value and a collaboration portal where the broker can connect to sales and guarantee to make changes to the document. It also includes a scheduling function linked to the team calendar loaded so that the broker can easily set up a final presentation.
- Once a customer has agreed to agree to your proposal, the broker and the customer will have access to a customized onboard portal. They have access to frequently asked questions and videos about how the company works and a checklist for collaboration where they can update, supplement and verify the information needed to get started with the new operator. Every step of the way, they know what they need to provide or what they can expect the airline to board smoothly; offers a great experience.
A Question of Will
The landscape with today's quotation practice will recall the old saying that the one-eyed man in the king's land is blind. Since nothing but the quotation medium has changed much over the years, there are great opportunities right now for carriers who are willing to try new things to stand out in the market. Making proposals more cooperative and informative will drive efficiency and increase acceptance levels.
Carriers simply need to be willing to take it to the next level and go beyond the strategy we have been using for more than 200 years.
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