This article was created in partnership with Applied Systems.

Raghav Tanna (pictured), senior vice president of commercial lines at Applied Systems, recently needed a new charging cord for one of his children’s toys. He didn’t have to go to a store to pick it up, he simply ordered it from Amazon and it arrived four hours later. He equates this to the way he feels the insurance industry should operate. People can call agencies for advice or ask what types of coverage they have, but simply to get the information to them, they can submit it online — or that’s how it should work, at least.

“As an insurance consumer, I prefer to send everything digitally and have them call me and say, ‘Here are your options, let’s discuss what’s best for you,’” Tana says. “Consumers don’t need help; They must be told what is important. The agency’s true approach is consultative.

As same-day delivery from Amazon shows, the trend toward online is real and everything other than insurance now seems to be done digitally. But it increasingly appears that this is the way consumers want to buy in this industry as well, and agencies must be ready to deliver.

Build a digital round trip for insurance

For brokers, planning for the future is about more than just growth, it’s about adapting to the changing needs of the buyer. To that end, Tana says Applied’s goal is simple: create a round-trip digital insurance journey.

“From application processes to policy downloads, to information gathering, to carrier quoting and integrations, we want all of our pieces to be connected,” he explained. “Everything has to come full circle.”

Applied, a provider of cloud-based insurance software and agency management systems for independent agencies, recently realized that commercial lines needed to be more effective and efficient, especially in this tough market. For agencies, small business commercial lines have not been quite as profitable and, in general, they find that they have to go for more and more surplus and surplus which makes things more difficult. As the industry moved away from straight-through processing to more full-service applications, Applied recognized the workflow needed to span all lines of business and went to work applying this back-and-forth mentality.

The integrated application process for SMEs and complex applications has been implemented to make agencies’ lives easier while ensuring carriers have all the data points they need to properly assess risk – essentially creating “what all our agencies have been looking for for years,” Tana noted. .

“We want to make sure that if it ever touches commercial lines, it’s in one workflow where it’s easy and seamless to get the data to the carriers, and for the carriers to respond to those agency requests.”

Agents work with two groups: new business and renewals. For new business, Applied created Tarmika Insured, a solution that allows brokers to compete with direct-to-consumer partners. By embedding the code on the agency’s website for lead capture purposes, the data it collects fills out the application and allows brokers to submit it to the carrier. Brokers can drive potential clients to their website or to a link that prompts potential clients to fill out their own information beforehand.

It can be set up to either get a quote to the person right then or there, or for those who prefer a more personal approach, it can be sent directly to the broker. As an expert advisor, a broker can contact an interested person armed with a variety of quotes and talk them through some options.

The app also has a renewal workflow tied to the Applied Epic platform. Through it, agents can remarket any existing telecom company within the Tarmika platform and receive quotes from them with just a few clicks of a button.

“If the customer is willing not to renew, and if there are any issues, agents can simply remarket,” Tanna summarized. “Or embed our code on your website and get quotes and data in the right places.”

New or renewed digitally connected business lines provide a return on investment

Submitting requests to carriers through the portal takes an average of 20 to 30 minutes per carrier. Using a rating app like Tarmika or the version available in Applied Epic, a single application can be submitted and submitted to five, six or seven carriers. If a broker makes 10 trade applications per week, he will save more than an hour per order. Since saving time is always a top-of-mind issue, using a solution that increases efficiency in this way frees up a full workday of time to focus on the items that matter most.

If a broker is looking to streamline and streamline operations, there are three steps to winning in trading lines: connect technology that connects to your management system, get expanded access to carriers, and embrace automation and connectivity. But it is crucial, as Tana points out, to understand that although technology is a defining asset, one solution cannot solve everything.

“Everyone thinks if they have technology in their office, that’s the solution, but it’s a tool — you have to know how to use it and use it the right way,” Tana said, using the example of if you need to screw something up. In, you will not use the hammer. Likewise, using the wrong technique will not be effective.

“The best way to approach it is to ask yourself, ‘What is the problem within my agency?’ “Then do research to guide you,” he adds. “You really have to focus on that problem data and then thoughtfully incorporate the technology solutions that will help solve it.”

Applied systems can help you get your technology on the right track. Contact us today for more information.