Fully Automated Website

[STIBROKER]

true dat.................................................

 

[lion256]

I was mostly referring to P & C but what I really need was advice on how to present this idea to carriers.

Would like to do what the bigger carriers are doing but completely using my own back end system, website and call centre that I can manage and support. It shall be a fairly large operation with multiple producers and support staff that can write these policies online and create an enhanced customer experience. (Not to mention the analytics that can be collected)

 

[djs]

Most carriers discourage this type of business for P&C. If they want websales, they go after them directly.

Besides, to make it work well is a HUGE investment. Just getting an online rater working correctly for multiple carriers is a challenge, getting it to work for binding and changing policies would be a nightmare if you don't control both sides of the equation.

Now, that said, a lot of carriers offer this for the agency with API submissions from raters for binding. But they don't want a consumer making this happen.

Dan

 

[lion256]

I am not sure why they would discourage it considering in doing all the development and increasing their volumes significantly . Ultimately I'm reducing everyone's work load , not quite sure why their is so much resistance to technological change in the agency level

Most carriers discourage this type of business for P&C. If they want websales, they go after them directly.

Besides, to make it work well is a HUGE investment. Just getting an online rater working correctly for multiple carriers is a challenge, getting it to work for binding and changing policies would be a nightmare if you don't control both sides of the equation.

Now, that said, a lot of carriers offer this for the agency with API submissions from raters for binding. But they don't want a consumer making this happen.

Dan

 

[djs]

Its not resistance to technological change, just the opposite in reality. Its resistance to the increased claims.

I've been an agent long enough to know that the more automated the policy, the more likely someone will try to get a policy and then file a claim. Carriers know this as well.

The technical part of this is reasonably easy (if you have a few million dollars to throw at it), its the human nature part that is much tougher.

You think you can do it for less? In some ways you can, but the companies that have done it successfully (Geico, progressive, 21st Century, others) have spent enormous amounts of money to make this work.

Dan

 

[xrac]

The salesman who doesn

 

[djs]

The salesman who doesn't sell sells life policies. You can do those online and many carriers/agents do.

The thread, in an unclear way, was asking about P&C sales, where the policy can be bound. This is way different than just submitting an application.

There are companies that do well selling auto insurance online, but they are all direct writers and if certain flags show up, the policy won't be bound until those are cleared.

At least here in CA, I don't know of any sites where you can buy a home policy online and bind it, but I'm sure they are coming. You can get quotes without a problem and submit to have it issued, but I don't think anyone does an automated home policy bind. Lots of reasons for this, starting with vacants, foreclosures, vandalism, insurance gaps, etc.

Dan

 

[janewg]

I read on Wikipedia that Pinnacle life from NZ has built the 1st fully automated life insurance website to sell policies online.. I think worth having a look there.