A Buffet of Coverage Options: Pick and Choose with a Mix and Match Quoting Feature
By Pathpoint
—Introduction
We all know that insurance is a vital aspect of our lives, protecting us from financial loss due to the unexpected. Finding the right insurance policy can be a daunting task for an insured, especially for a small business owner. According to Anderson (2022), 88% of insurance customers seek more customization from their policy. Fortunately, they have you, the insurance agent. While obtaining that customized policy for their commercial property or business may seem daunting to them, in a hard market, it is an uphill battle for you. In today's landscape, where demand is greater yet available markets are shrinking, how can insurance agents offer custom solutions for general liability and property to their insureds? Shopping, of course.
When to Shop Out Coverage
We have all encountered this scenario. It's Friday morning at the end of the month, and a longtime customer calls for your help insuring a new contracting business they are starting. Although you rarely write commercial, you are excited to expand your book and eagerly accept. Upon receiving more information about their operations, you soon discover they list roofing and junk removal under services. None of your standard markets will touch this one. Off to the E&S markets you go. You understand comparing insurance quotes from different carriers is the best approach; however, you do not have the time or familiarity with where to look, especially for such a small account. That's where Pathpoint's new mix and match quoting tool comes into play.
What is the Mix and Match Quoting Tool?
No one wants to spend time researching markets, filling out endless ACORDs, or sending that same paperwork to multiple carriers for a $600 policy, yet that's precisely what we do for commercial accounts. The new mix and match quoting tool lets agents find non-admitted quotes for small commercial accounts easily. Now, you can select general liability and property together or separately from multiple carriers simultaneously in one place with just one application. Choose a package or mix and match standalone policies for the best coverage.
Why Use the New Feature?
Many agents will choose one package from one carrier when looking for multiple coverages. Selecting a package may be a quick fix, but it only scratches the surface of a client's needs. According to a study by Accenture, 21% of customers say agents do not deliver the custom coverages they are looking for (Anderson, 2022). How often have you settled on a package only to lose the account at renewal? As consumers, we look for choice and customization for all purchases, whether from what airline seat you choose to your lunch menu. Would you be happy if a cashier forced you to get the Value Meal when you only wanted fries? The same principle applies to insureds and their policy. You are no longer limited to an "all or nothing" package with Pathpoint's mix and match quoting tool; opt for standalone quotes or mix and match multi-coverage options; it's your choice. The perks do not stop there:
- Time Saver
One of the most time-consuming tasks for agents and CSRs is filling out ACORDs and applications, especially when multiple markets require the same information on "their forms." Getting a response can take days to weeks, especially for hard-to-place accounts. Pathpoint's new mix and match option greatly benefits agents, saving you time and allowing you to select multiple coverages from just one application. Upload your own ACORD or fill out the data within the system to receive a downloadable ACORD. Both easy methods will lead to the same result: multiple coverages to mix and match within one system, fast! You now have a greater chance of finding quotes that meet your insured's needs quickly, all with one application. - Increased Appetite
In a perfect market, agents could easily find packages with the high limits they need for all lines of coverage. Unfortunately, in the changing insurance landscape, environmental and political exposures shift the tide of what carriers can offer. A carrier may be able to write the property within a package but may not include the general liability or vice versa. In the growing market of dead ends, Pathpoint provides you with multiple quotes for multiple lines of coverage with a single submission! - Value Added Service
Give your clients the customization they want. Present them with more options for coverage without any extra effort, doing your due diligence, and providing unparalleled service. By using a mix and match quoting feature, you increase the likelihood of finding coverage that matches your client's needs and allows you to provide better service, keeping your clients satisfied and retaining business.
Take Advantage of the New Mix and Match Quoting Tool
Comparing insurance quotes from different carriers is critical in selecting the right policy for your clients' needs. Make an informed decision and choose the option that offers the best value and customization your client wants. With Pathpoint's online portal and the new mix and match quoting tool, policy shopping has been made faster and simpler than ever. Leverage our enhanced quoting capabilities to win accounts and set yourself apart. Visit www.pathpoint.com to access this perk and other innovative insurance solutions to help you with your E&S accounts.
Anderson, D. (2022, September 16). 36 Insurance Marketing Statistics You Need to Know in 2023. Retrieved June 7, 2023, from www.invoca.com/blog/insurance-marketing-statistics