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  • During the summer months when brokers and clients go on vacations, delays and miscommunications are more likely to happen.
  • These miscommunications can result in errors that can end up in the final presentation and leave the firm liable if an incorrect plan is sold.
  • It’s estimated that many errors from 2020 are still working their way through the legal system.
  • PerfectQuote automates plan entry with a Proposal Reader functionality, which reduces errors from manual data entry.

The Summer of Delays and Miscommunications 

Summer vacation is finally here. It’s the last time firms have to get some R&R before the Q4 madness begins, so many brokers, clients, and other employees will be on vacation. That means communication delays and Out-of-Office contacts covering for you when there’s something urgent. In many cases, miscommunications and errors will end up happening. 

A simple typo or misunderstanding, if not caught, can result in incorrect plan options that are then presented (and sold) to a client. These small errors can have a big impact, losing clients and leaving your firm financially liable in the event of a lawsuit. Sure, you carry Error & Omissions insurance to mitigate the immediate financial damage, but selling a bad policy is still a surefire way to ruin a relationship. There’s no insurance policy that’s going to get back that client’s trust, and it’s likely that they’ll start shopping around. That’s not something any firm wants.

2020 E&O Lawsuits Are Still on Their Way

As Insurance Journal points out, E&O claims tend to lag behind other indicators of the industry’s health. Clients tend to turn to the insurance agency first to cover their expenses. It’s only when policies are tested – for example, by a major disaster like the COVID pandemic – that employer groups find out that their coverage isn’t what they thought it was. 

Employer groups tend to turn to their carriers first, before coming after agencies. That could mean a tidal wave of litigation and E&O claims are still on the way as we speak. 

How PerfectQuote’s Proposal Reader Reduces Errors

Miscommunications happen – if you let them. With PerfectQuote’s Proposal Reader functionality, instead of manually reviewing carrier proposals and then creating spreadsheets, you can simply upload a carrier proposal into PerfectQuote and eliminate manual data entry for your plans, ensuring that you don’t present incorrect quotes to your clients. It’s a powerful tool unlike anything else on the market, and it should be your first line of defense so that your firm doesn’t have to worry about pending E&O litigation. 

Entering all that data takes most firms hours – but with the Proposal Reader functionality, it can take just 2-3 minutes. See the video below.

Interested in seeing a full demo? Contact us today.