In a competitive market such as insurance sales, insurers are always looking for an advantage. Gaining an edge over your competitors means increased revenues, added sales and more stability as a whole. Many insurers have been able to gain such an advantage through the use of Insurance Rating Software. Carriers, MGAs and Program Administrators leverage the use of rating services to automate ratings processes. This software is able to deliver specific industry quotes efficiently, helping brokers to present proposals to their prospects.
In addition, for insurance carriers, custom rating packages also provide a platform to analyze market opportunities and existing policy portfolios, enabling them to identify new opportunities and enhance business results.
A rise in the level of competition
Many insurers are providing rating systems to agencies either in the form of software to be used on the agency computer, or in the form of online access to systems on an insurer’s computer. While the concern used to be beating industry rivals and traditional peers to the punch, the challenge is now also coming from challengers for a share of the market who weren’t originally in the business of selling insurance. There are now outside companies that are exploiting their capability to collect and apply data as well.
Although just entering the personal auto market, Google is a leader for innovation in the data-strategy realm and, with its strong market presence, it could lead the revolution in the evolving of insurance marketing and distribution, possibly leaving many of the biggest traditional companies in the lurch. Google and other interlopers are driving customer engagement, customer demographics, digital models, data use, capital access and deployment, and new and exciting innovation in a way that many in the traditional product-creation and distribution channels have not dreamed of, much less planned or financed for.
For clients, it’s a no-brainer; they simply want accuracy, speed and ease of interaction. This can be accomplished through the use of Insurance Rating Software along with a visionary approach to what the future holds for the insurance market.