How can automation help you respond to changes in this dynamic market?

Automation could be the key to your competitive advantage.

The fact that a large number of sole proprietorships in the US are either underinsured or not insured at all, means that there is a large opportunity for carriers to tap into new markets, cross and up-sell. By helping to make the application process shorter and alleviating the time-consuming tasks of data entry in the application and underwriting process, you can allocate more time to pursuing new market potential.

Small business owners have a lot to juggle. As a result, shopping for coverage may be a hurdle. Spend more time engaging your customers by confirming their application data rather than collecting it. With data-driven insights provided by Commercial Data Prefill, you can take a more advisory role with your customers and only ask questions when additional information is required.

“Nimble” and “quick” are two aspects of insurance that small business owners seek and COVID-19 has only amplified their importance. Accelerate the application process, respond faster to small business owner’s needs and move prospective customers toward a bound policy faster through automation, provided by Commercial Data Prefill.

Since the onset of COVID-19, it has become clear that relying on one channel to service your customers is not optimal. While in-person connections might be the preferred means of doing business and shifting to direct- to-consumer is not a small task, a blended model of both methods is what’s required to maintain customer satisfaction.

How would you rate your level of automation at the point of quote?

Great
Needs Improvement
A lot more work is needed

According to a recent LexisNexis survey, 66% of respondents agreed that incomplete applications are their top pain point in the Commercial underwriting process; however, only 36% indicated they have added prepopulated data to their underwriting workflows for small accounts^1.