While commercial lines workflows and submissions can be inefficient, time-consuming, and expensive for agencies to navigate, advancement in technology has changed the game and simplified the process to make it faster and more profitable. (Credit: VideoFlow/Adobe Stock)In recent years, the commercial lines market has grown steadily and is expected to offer even more opportunities in the future.
Despite the incredible potential of the commercial lines business, many agencies tend to shy away from this market due to the belief that there is inadequate data collection, lack of industry collaboration and limited carrier options. While this perspective prevents agents from taking their business to the next level, there is a way to overcome these challenges.
Many agencies don’t realize that technology can help them overcome the many obstacles that make commercial lines businesses time-consuming and marginally profitable. Recent technological innovations have simplified the quoting process and made it much easier to connect with industry partners.
However, the question remains: what technological advances are helping agencies make the most of this growing and lucrative market? Below are three ways technology can simplify business lines for agents and help them take the next step in insurance.
#1: Simplify Complicated Workflows
Many agents still experience the challenges of switching between different workflows and having to enter the same data multiple times when dealing with commercial lines. However, the process is made easier with advances in technology that allow agents to integrate commercial estimators with single-entry quotes, appetite surveys and digital submissions applications into their management systems. Technology integration 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 customers faster, thus increasing their productivity and profitability.
#2: Enhance Quoting with More Carrier Choices
Along with newly efficient workflows, investing in the right technology for commercial lines offers a growing list of regional and national carriers that provide commercial quotes to thousands of agencies. This significantly expanded the options available, thus promoting a more competitive and dynamic industry. Thanks to technology that offers robust conveyor panels and systems integration, managing your commercial lines business has become easier than ever. The right technology increases the ease of processing transactions, improves accuracy and speeds up response times. As a result, agencies can now manage operations efficiently, subsequently increasing productivity and customer satisfaction.
#3: Easily Search Commercial Lines Markets
It’s impossible for agents to manually keep up with carriers’ ever-changing appetite and new products. Incorporating integrated technology can help agents get the latest appetite and shipping requirements directly from their management systems. The right technology can give agents access to more markets and products, ensuring customers can always get the product they’re looking for at the right price. Additionally, integrated software minimizes the need to switch between multiple systems, making it easier to search commercial lines markets.
The commercial lines business is growing rapidly and shows no signs of slowing down. While commercial lines workflows and submissions can be inefficient, time-consuming, and expensive for agencies to navigate, advancement in technology has changed the game and simplified the process to make it faster and more profitable.
Agencies that have the right solutions integrated into their management systems can advance business lines with streamlined workflows, single-entry data entry for multiple carriers, and integrated classification solutions. The time has come to take advantage of the broad opportunities in the commercial lines market, especially with the right technology that will help agents make the most of them.
