3 Ways technology can simplify commercial lines for agents
The right digital insurance tools enable agencies to manage commercial lines business with streamlined workflows.
Over the last few years, the commercial lines market has grown steadily, and is expected to deliver even more opportunities in the future.
Despite the incredible potential of commercial lines business, many agencies tend to veer from this market because of the belief that there is inadequate data collection, lack of industry collaboration and limited carrier options. While this perspective is keeping agents from taking their businesses to the next level, there is a way to push past these challenges.
Many agencies don’t realize that technology can help them navigate the many hurdles that make commercial lines business time-consuming and marginally profitable. Recent technology innovations have simplified the quoting process and made it much easier for industry partners to connect.
However, the question stands: What advancements in technology are helping agencies get the most out of this growing and lucrative market? What follows are three ways technology can simplify commercial lines for agents and help them take that next step in insurance.
No. 1: Streamline complicated workflows
Many agents still feel the challenges of switching between different workflows and needing to enter the same data multiple times when dealing with commercial lines. However, the process becomes easier with advancements in tech that allow agents to integrate commercial raters with single-entry quoting, appetite search, and digital submissions applications into their management systems. The integration of technology streamlines and automates repetitive activities, reducing time-consuming manual data entry and mitigating the possibility of errors. This allows agents to focus on serving more clients faster, thus increasing their productivity and profitability.
No. 2: Enhance quoting with more carrier options
Along with newly efficient workflows, investing in the right technology for commercial lines offers an expanding list of regional and national carriers that provide commercial quoting for thousands of agencies. This has significantly broadened the options available, thereby fostering a more competitive and dynamic industry. Thanks to tech offering robust carrier panels and systems integration, managing commercial lines business has become easier than ever. The right technology enhances the ease of processing transactions, improves accuracy, and accelerates response times. As a result, agencies can now efficiently manage operations, subsequently boosting productivity and customer satisfaction.
No. 3: Easily search commercial lines markets
It is impossible for agents to keep track of carriers’ ever-changing appetite and new products manually. Incorporating integrated technology can help agents get the latest appetite and submission requirements straight from their management systems. The right technology can give agents access to more markets and products, ensuring that clients can always get the product they’re looking for at the right price. Also, integrated software minimizes the need to switch between multiple systems, making searching commercial lines markets easier.
The commercial lines business is growing fast, and it doesn’t show signs of slowing down. While commercial lines workflows and submissions can be inefficient, time-consuming and costly for agencies to navigate, the advancement of technology has changed the game and simplified the process to make it faster and more profitable.
Agencies that have the right solutions integrated with their management systems can make strides in commercial lines with streamlined workflows, single-entry data input for multiple carriers, and integrated rating solutions. The time is now to seize the ample opportunities of the commercial lines market, especially with the right tech that will help agents take full advantage.
Michael Streit is president of EZLynx. These opinions are the author’s own.
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