Customers across all industries are looking to do more and more business online, and the insurance industry is no exception. Whether it’s a broker looking to quote benefits coverage for their clients, or a customer looking to get a fast quote for personal lines coverage, modern shoppers are looking to make getting a quote as painless as possible.
But even as technology is taking a hold on the insurance industry, quoting isn’t always an easy process. Often when brokers are looking to quote coverage options, there’s a long and tedious process involved. Multiple logins. Multiple websites. Multiple requests to an insurer. But for many brokers, quoting doesn’t have to be a complex process. There’s an easier way, and insurers – you can help.
The Broker Pipeline
For traditional insurers, brokers are the pipeline to consumers, which also means they’re the direct route to the bottom line. The stronger an insurer’s relationship is with their broker partners, the more access they will have to potential insureds and new premium opportunities.
But new premium opportunities can’t always come from your existing broker network. A strategic path to growth requires access to a continually widening network of brokers. And those same brokers are constantly overwhelmed with the to do lists already on their plate – the most important of which are growing their business and servicing existing customers. So they’ve come to rely on technology to automate more and more of their day-to-day processes. And that often includes quoting.
Leveraging CPQ Tools for Your Success
Comparative raters, also known as CPQ tools, allow brokers to easily configure, price and quote insurance coverage from multiple providers, all within a single platform. Powered by carrier-direct pricing, these tools ensure that brokers can quote coverage quickly and accurately, easing their daily workload and allowing them to focus on more strategic growth for their organization.
For insurers, being part of these platforms is key to your future success. The right CPQ tools will allow you to distribute your pricing directly to a wider network of brokers all without you having to lift a finger.
Zywave’s CPQ Solutions
Zywave is the largest enabler of digital quoting solutions in the insurtech market. With a variety of CPQ solutions that allow insurers to distribute their pricing to a wider audience, our goal is to connect insurers to brokers on the platforms that brokers rely on every single day. In 2023, brokers quoted more plans than ever on our platform quoting solutions and achieved 300% year over year growth in processed quotes.
Our CPQ tools that are powered by carrier-direct pricing from our broker partners include:
Zywave CPQ for Employee Benefits allows employee benefits brokers to quote small group medical, vision and dental coverage in all 50 states. Over 1,000 medical and ancillary carriers are currently active on the platform, and allow brokers to access carrier-direct rates for over 100,000 plans. The Group Benefits Quoting API also allows brokers to integrate Zywave CPQ for Employee Benefits seamlessly into their existing technology workflows.
Zywave’s Personal Lines quoting solutions helps personal lines agents quote standard and non-standard auto, homeowners, condominium, renters, dwelling, fire and motorcycle policies from over 200 insurers nationwide. The Personal Lines Quoting API integrates this data directly into existing business workflows, and TurboRater for Websites allows consumers to compare policies online.
Zywave CPQ for Commercial Lines automates mission-critical steps of the commercial insurance buyers’ journey. Commercial brokers can configure multiple lines of coverage and are able to provide strategic insights on coverage options from a single platform.
Zywave’s quoting solutions are for more than just traditional brokers. The MGA Hub, designed for MGAs and retail brokers, provides multiple options for E&S coverage within a single view. Not only does the platform allow users to view individual insurer appetite for quoted risk, but quoting is simplified with the ability to quote and compare rates in-platform before customer data is pushed to a selected insurer with a single click for streamlined binding.
Cyber Quoting, the newest addition to Zywave’s lineup of comparative raters, simplifies the quoting process for cyber coverage. Commercial brokers and MGAs can leverage the tool by configuring preferred carrier selections and entering client data once, instead of across multiple carrier portals. Plus, bindable quotes make bridging quick and easy once coverage has been selected.
Want to Learn More?
For insurers looking to grow their broker network, Zywave CPQ’s solutions are where you need to be. Our CPQ solutions are already integrated with over a thousand insurers nationwide, with more joining every month. If you’re ready to simplify quoting for your broker partners and expand your access to a wider network of brokers than ever before, we’re ready to help. Click here to learn more.
