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The Key to Automating and Streamlining Commercial Quoting

Monday, November 2, 2020
Written By
Kris Tibbetts
Director of Product Management

The current P&C quoting and proposal process is broken. Workflows at most P&C agencies are full of inefficiencies and duplicative, manual repetition. All of which takes away from time that you could be servicing your clients or growing your business.

Breakdowns in the Current Process

On average, it takes brokers at least 20 minutes to complete one submission per carrier portal, and the typical broker submits quotes to at least four carriers. That means you’re spending a minimum of 80 minutes just on carrier submissions alone. That’s a lot of time.

These are some of the most common issues brokers experience when quoting commercial insurance:

  • Inefficient, duplicate entry of application data on multiple carrier portal sites
  • Reliance on paper form submissions
  • Inability to automatically compare policy features and quotes received
  • Lost productivity and missed opportunities to block the market due to repetitive, time-consuming processes
  • Low return on certain coverages, like business owners policies (BOPs), for the amount of work required

All of these issues result in delays in getting timely, accurate quotes to prospects and customers. And we all know, the longer you have to wait for a quote, the higher the chance that a prospect could walk away and go with another broker.

To help get the quotes they need faster, many brokerages are looking to automated CPQ solutions to streamline the quoting and proposal process.

How Can CPQ Help My P&C Agency?

CPQ stands for Configure, Price, Quote. CPQ automation has the potential to significantly boost efficiency and productivity through the following steps:

  • Configure – Simplify tedious data entry by moving from redundant paper forms and PDFs into intelligent, online data entry. Configure submissions with a single dynamic form, allowing you to collaborate with clients quickly to identify key information carriers need. Complete just one application to satisfy carrier questionnaires, saving you valuable time.
  • Price – Run multiple lines of coverage from different national and regional carriers, including BOP, workers’ compensation and commercial auto. Easily track progress and manage all applications in progress and required actions so nothing slips through the cracks.
  • Quote – Access quote results, compare coverage details across carriers and then present the best options to your clients before binding coverage directly with carriers.

With CPQ software, you no longer have to waste time individually submitting quotes and repetitively entering the same information. You can now take a process that once took 80 minutes and shave that down to 20 minutes or less for the same amount of carrier submissions—and that’s time you can put back into growing your business and consulting with your clients.

Want More Information?

To learn more about how an integrated CPQ solution can help streamline workflow at your brokerage, check out our upcoming webinar, “Transformative New Solution to Automate and Streamline Your Commercial Quoting” or visit this page to learn more about how our P&C solutions can help.

Are you a full-service agency? Learn more about how CPQ can help automate your benefits operations.

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