Eliminating friction between commercial insurance agents and carriers.
At Broker Buddha, making the application and renewal process as seamless as possible - for both the agent and the insured - fuels everything we do. Our interface is crisp and intuitive, our online smart forms autofill as much information as possible, and our platform automates tedious administrative tasks that steal valuable time.
Next on the agenda? Making communications between agents and carriers easier than it’s ever been. We already make it easy for agents to email submissions to multiple carriers at once—now we’re going to make the submissions instant through APIs. Both parties—brokers and carriers—will enjoy benefits when this happens.
What’s in it for carriers?
In a word, volume.
When carriers provide us with their APIs or let us connect to them directly in our platform, the exchange of information becomes seamless. When that happens, 94.3% of brokerages said Broker Buddha will send more business to those carriers.
Just like our platform reduces the time-consuming customer back-and-forth that plagues the industry—emails, phone calls, forms sent as PDFs—direct connections with carriers will make the process of securing quotes and coverage more efficient for independent brokerages. That enhances the relationship between the carrier and their agents. Agents continually cite a fast, streamlined process as the most important element when it comes to choosing their carrier partners.
Our users also write a lot of business—five of the top ten agencies in the United States have their agents working with Broker Buddha. And when agents find it easy to work with certain carriers, it’s only natural for them to be inclined to turn to those providers more often. It’s not complicated—the path of least resistance wins.
What’s in it for agents?
Seamless connections create more efficiency and greater time-savings, along with the obvious benefits that can accrue when commercial insurance agents have established relationships with carriers.
What’s more, direct connections to carriers will further enhance the customer experience for the insured. Quotes will be secured more quickly, comparisons will be easier to make, and turnaround times throughout the process will be faster. Agents will be able to present options to customers quickly and confidently.
While the goal of carrier integration is eliminating more of the pain points in the commercial insurance application and renewal process, it also serves to enhance the role of the agent. Using technology to streamline workflows will save time, but the agent, working on the Broker Buddha platform, will remain the critical conduit.
As we establish more direct connections with carriers, we’ll be asking our agent users which companies they work with most often. Obviously, we’ll make integration with these carriers a priority.
Technology strengthens relationships.
It’s no secret there is room for improvement in the relationships between commercial insurance agents and carriers. The insurance industry will thrive when communications and the exchange of information becomes more seamless, and the integration of carriers into our platform will help make that happen.
Thursday, January 16, 2020