Remember the 80s? We had Sony Walkman, CD players, Nintendo’s, Personal Computers, and Microsoft Excel. Today we have phone’s that can easily perform the work of all the machines previously mentioned above. While the hardware has changed into software, many brokers are still relying on technology from 1985 to analyze their insurance quotes and renewals. Yes, we are talking about “spreadsheeting.”
As insurance firms are looking towards automation, and technology to reduce spend, one often overlooked area is the quoting/renewal process and the data entry roles that are associated with this. Brokers can spend anywhere between 4 hours to 120 hours per client performing data entry, revisions, checking for error, and presenting when trying to renew any given client.
According to Payscale.com the average account manager salary is $25.08 per hour. Some firms are even spending upwards of $2,500 for insurance analysis per client! How much are you spending on insurance analysis cost? Are you confident you got it right the first time? What happens if your client wants to see different options? Will this cost you even more wasted expenses?
At PerfectQuote we created software that performs insurance analysis on all plan options in seconds, without error. Call us today to schedule a demo.