The Buy Button
Up until about 15 years ago, independent insurance agents could do more than they are able to do now. Back then, in the era of manual rating, when a customer came into the agency, the agent could take out the manual, jot down and add up the premium, bind the policy on the spot, and send the customer home with an ID card.
The agent was in control. But since the advent of predictive modeling, agents have lost the ability to bind. Now, they must exit the agency platform and access multiple carrier platforms. Most agencies around the country represent maybe a dozen carriers. Once they leave their own systems, the sales process slows down. Workflow becomes less efficient. Different carriers have different questions. Direct comparisons are more difficult. As a result, the agent can lose control of the process, prompting the customer to walk. The agent can lose the sale.
Wouldn’t it be great if you could bind coverage in real time, without the need to bridge to the carrier systems? Agents could go to one screen in their systems and see full comparisons with premiums and live buttons to bind. It turns out you can. The technology to do it already exists.
The agent was in control. But since the advent of predictive modeling, agents have lost the ability to bind. Now, they must exit the agency platform and access multiple carrier platforms. Most agencies around the country represent maybe a dozen carriers. Once they leave their own systems, the sales process slows down. Workflow becomes less efficient. Different carriers have different questions. Direct comparisons are more difficult. As a result, the agent can lose control of the process, prompting the customer to walk. The agent can lose the sale.
Wouldn’t it be great if you could bind coverage in real time, without the need to bridge to the carrier systems? Agents could go to one screen in their systems and see full comparisons with premiums and live buttons to bind. It turns out you can. The technology to do it already exists.
What is the Buy Button and how does it work?
• The Buy Button will empower agents to bind coverage in real time for prospects or clients that call on the phone, walk into the agency and meet with a producer, in addition to visiting online.
• This concept will also apply to mobile technology for agents to use when meeting with prospects or clients offsite, giving them the same real-time binding ability whether they are in or out of the office.
• Enabling customers to bind coverage on an agent’s website creates an opportunity for agents to reach a segment of business that independent agents currently don’t maximize. Any policy that could be bound by a customer would be owned by the agency and subject to filtering of forms and limits, all set in advance by the agent.
• This concept would be used in conjunction with a comparative rater.
• Follow-up contact from the agency to customers who have bound a policy on the agency’s website will enable upselling and cross-selling, within hours.
• This concept will also apply to mobile technology for agents to use when meeting with prospects or clients offsite, giving them the same real-time binding ability whether they are in or out of the office.
• Enabling customers to bind coverage on an agent’s website creates an opportunity for agents to reach a segment of business that independent agents currently don’t maximize. Any policy that could be bound by a customer would be owned by the agency and subject to filtering of forms and limits, all set in advance by the agent.
• This concept would be used in conjunction with a comparative rater.
• Follow-up contact from the agency to customers who have bound a policy on the agency’s website will enable upselling and cross-selling, within hours.
Independent agents cannot fear technology; they need to embrace it in a manner that helps them achieve their goals. Thanks to technology, independent insurance agents have the ability to take back the real time binding process and use it to increase sales. This will benefit the agencies as well as their carrier partners with increased profitability. After much study and deliberation, PIA has concluded that agents should have this option.
Stay tuned for more information on this important initiative. For questions or for more information, contact Scott at (317) 899-9200 or Scott@PIAIndiana.com
