Today’s insurance customers may begin their search for the lowest price, but the insurance they purchase isn’t always the cheapest option. Rather, customers are drawn in by the value of their purchase, including the efficiency of finding quotes and the ability to get help the moment they need it.

Customers place value on the customer experience. One study, for example, found that 84 percent of customers believed the experience a company provides is as important as its products or services, writes Salesforce’s Conor Donegan.

For insurance customers, providing prompt quotes personalized to the customer’s needs is a must. Fast quotes boost the customer experience and build trust. Tools like bolt Exchange Enterprise allow insurers to provide the experience customers want.

Why Fast Quotes Matter

Digital disruption has sped up our lives. Today, customers seeking to make any purchase online don’t expect to wait for information. They expect to be able to take care of the entire transaction at the same time they sit down to carry it out.

Traditionally, insurance has resisted this speed of delivery and effort. Underwriting is “a famously slow and manual process for many insurers and brokers,” writes Raja Singh, senior vice president and general manager for insurance at Salesforce.

Automation offers opportunities for insurers to speed up various insurance distribution processes, he says. Among these is the ability to provide quotes quickly to customers.

Singh also promotes a sweeping use of automation throughout the insurance process. Other research also supports an assertive approach to speeding up insurance quotes and distribution. Insurance customers now see little differentiation among top property and casualty insurance carriers, but automation resulting in a quick and accurate quotes process could change these views.

“Insurers need to get more creative around customer service and delivery because the current incremental changes are missing the mark,” says Tom Super, head of agency solutions at Polly, a digital insurance marketplace for automotive retailers. Efficient quoting tools allow insurers to offer the creative, sweeping change customers notice.

What Do Efficient Quoting Tools Look Like?

Digital disruption has changed the balance of power between insurers and insurance customers. Today, “insurers are incentivized to focus on unique ways to provide value, like ease of use, quality of service and even education,” writes Anita Tulsiani, chief marketing officer at Arturo.

Efficient tools for offering customer quotes, like bolt Exchange Enterprise, allow insurers to demonstrate value quickly. These tools can make obtaining quotes easier for customers, improve agents’ ability to provide personalized service and help customers better understand their insurance options.

Key technologies that make faster, more accurate insurance quotes possible include:

• Third-party data integration. A platform like bolt Exchange Enterprise will gather information from a number of third-party sources. This information helps customers fill out forms accurately and provides agents with a clearer picture of a customer’s needs. The result is faster quote delivery and more opportunities for agents to cross-sell and upsell needed coverage.
• Responsive forms engines. When customers are forced to enter the same information again and again, they feel anonymized and ostracized from the insurance process. Responsive forms solve this problem by storing and transporting information, so customers feel recognized and heard. Responsive forms can also help guide customers and agents to the right information and questions for the best quote process.

Tools like bolt Exchange Enterprise allow agents to predict customers’ needs based on the information customers provide, as well as information from third-party sources. Collected and displayed effectively within the platform, this information makes quoting quicker and easier for agents, allowing them to focus on providing value to the customer.

Fast, personalized service has become the norm online. Tools like bolt Exchange Enterprise allow insurers to meet that expectation and engage with customers.

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