Learn about a comparative rater application that simplifies the time-consuming and complex task of gathering comparative insurance rates from multiple providers, but also does much more.
A comparative rater is an application that simplifies the time-consuming and complex task of gathering prices from multiple providers of any good or service. In the context of comparative insurance rates for small businesses, they find quotes for small business insurance from multiple insurance carriers. Commercial agents find value from comparative raters because they save agents time. Instead of having to contact individual carriers one by one, agents can use a comparative rater to quickly and easily access quotes from multiple carriers, increasing their efficiency and allowing them to write more business. Thanks to the inventors of comparative raters, commercial agents have saved immeasurable time over the past three decades.
In the modern commercial insurance space, applications that deliver comparative insurance rates are no longer cutting-edge apps. What was “innovative” a few decades ago is now just table stakes.
Commercial agents looking to grow their business and better serve their customers need a leading complete quoting and buying solution– one that includes cutting-edge functionality for generating comparative insurance rates, but also leverages data intelligence and analytics to help agents understand their business, access a larger pool of appointments, and unlock new revenue streams with lead generation opportunities.
Bold Penguin’s fully integrated, cloud-based solution offers much more than just comparative insurance rates. The Bold Penguin Terminal is not simply a tool for comparing insurance quotes. It can accomplish so much more to enhance agents’ workflows and help them be more profitable. Here are a few ways how:
Unlike standalone comparative raters that stop at providing comparative insurance rates and quotes, Bold Penguin's platform integrates seamlessly with other products, like the Exchange, the largest prospect marketplace for small commercial insurance.
The Exchange delivers commercial insurance leads to agents and targeted prospect acquisition within preferred risk profiles. Agents can also monetize leads and unlock new revenue opportunities from out-of-appetite risks.
To read more about how the Exchange will help your agency grow, click here.
The Terminal increases the quoting options available to agents by allowing them to access new carriers and products with sub-appointments through Bold Penguin. The Terminal displays all direct and sub-appointments, allowing agents to quickly see comparative insurance rates and bind more premium. Accessing broader market appetite allows them to present more small business coverage options to their customers.
The Terminal also condenses the business insurance quote application process down to one universal form to remove duplicate data entries in the application process. In our current hard market, agents will, at times, need to look for quotes from carriers that are outside their usual rolodex.
As an agent, this makes you 100% confident that you are quoting the right product for the right price.
To read more about the Terminal, click here.
While other comparative raters might just “screen scrape” information, Bold Penguin offers carrier partners a secure API integration. This ensures agents receive only accurate, current information on comparative insurance rates from carriers. Bold Penguin leverages this functionality to enhance connectivity and collaboration within the commercial insurance industry.
Through the Terminal’s secure API, insurance professionals can easily connect with carriers, wholesalers, and other partners, fostering a networked environment that promotes collaboration, efficiency, and transparency. This emphasis on connectivity improves productivity and facilitates greater communication throughout the insurance quote and bind workflow.
Terminal users have access to an easy-to-use dashboard that helps agencies track performance and make strategic, data-driven decisions by putting all of their quotes and commissions at their fingertips.
Commercial insurance is complex. Every business is a unique business. That kind of variance does not exist when quoting personal lines. Unique risk profiles make the process of quoting comparative insurance rates cumbersome and vulnerable to coverage gaps. The Terminal allows agents to quote unique profiles, such as “edge cases” for a particular business, with ease. The Terminal supports 19,000+ NAICS codes and features intuitive NAICS code guidance to give agents confidence that each customer’s unique risk profile will be comprehensively insured.
While comparative raters play a valuable role in simplifying the process of obtaining comparative insurance rates, the integrated Bold Penguin platform offers an end-to-end solution that includes but is not limited to just rate comparison capabilities. Innovative features allow for market access, NAICS code recommendations, closed API, integration with the Exchange, and enhanced reporting tools. Bold Penguin is truly more than just a comparative rater—it's a transformative platform that empowers insurance professionals to thrive in today's digital landscape.
Request a demo to see how quick it is to get comparative insurance rates in the Terminal and how much more you gain when you work with Bold Penguin’s integrated digital solution platform.
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