Commercial insurance is complex. Changing carrier appetites, lengthy ACORD forms, and specialized coverages for niche industries are a few reasons why quoting commercial insurance can be cumbersome. 

The industry has responded by introducing solutions that address these (and other) pain points. Modern quoting platforms are designed to streamline processes, provide faster and wider market access, and ultimately help agencies get back to relationship building.

But not all commercial lines quoting software platforms are created equal. Adopting a new insurtech platform is a business strategy and should not be taken lightly. Before investing in this strategy, it’s important to understand what to look for — and which questions to ask — to ensure it’s the right solution for your business. 
‍

What is a commercial lines quoting software?

Commercial lines quoting software enables agents to generate and compare quotes from multiple carriers in one place. This helps them navigate the complexities of commercial insurance, which means they can handle a wider variety of business types, several coverage products, and underwriting nuances with greater efficiency and accuracy than manual submissions. Below are just a few things to think about when looking to adopt a commercial lines quoting software platform:

Which quoting platform offers the best performance and features?

The best insurance quoting platforms do more than just provide numbers and compare rates. They save time, reduce errors, provide valuable insights into your business, and integrate seamlessly into your workflow. Consider:

• Speed: How quickly are quotes returned? Will the faster quote-to-bind times and expanded market access translate into more closed deals?
• Multi-carrier comparisons: Does the commercial lines quoting software have an API integration with the carrier and therefore yield the most reliable quotes?
• Integration: Does it connect with your AMS or other tools you already use to streamline your workflow?
  ‍

What market access and appetite are available through the insurtech platform?

A huge benefit of any commercial lines quoting software is its relationship with the carriers and the markets you need.  Make sure you evaluate:

• What carriers are available through the platform now and in the future? Are they national only, or are there regional and specialty carriers too?
• Does the platform support your direct appointments? And do they enable you to quote with carriers that you don’t have a direct appointment with? 
• Do they allow you market access to carriers you don’t normally work with?

What kinds of onboarding and support does the commercial lines quoting software offer?

The decision to adopt a commercial lines quoting software platform is a great first step. But even if it’s the best solution available, it’s a waste of resources if your team can’t use it effectively. The easier the solution is to implement and utilize, the faster the results. Make sure you evaluate:

• What is the learning curve for the software?
• Will there be support provided during onboarding?
• Is there customer support available throughout or just during onboarding? If the answer is yes, is there a dedicated representative, live chat, or email/phone options?

What is the growth potential when switching to an insurance quoting software?

A commercial lines quoting platform should boost your profitability in the long run. Will today’s leading solution still be relevant in a few years? Ask questions like:

• Will it eliminate redundant data entry, which will then allow for additional time spent on long-term relationship-building?
• Will it integrate with other workflow solutions, such as lead generation?
• Will it grow with your business, so readoption won’t be necessary in five, ten, or 15 years?
  ‍

What are the nuances of insurtech software solutions for enterprise organizations?

Enterprise solutions for large organizations have the same needs to streamline workflow and to leverage the latest technology in order to better serve their customers. Enterprise organizations will want a solution that addresses the entire insurance lifecycle. Some commercial lines quoting software may also offer advanced capabilities customized to your needs in order to increase collaboration and transparency, include underwriting guidelines, or solutions to address privacy concerns, among other things.
‍

What’s the bottom line on adopting a commercial lines quoting software platform as a business strategy?

The best question to ask when looking to upgrade your technology solution is: “Does this tool align with my goals and set us up for long-term success?"

Evaluate the platform’s capabilities by looking for accelerated quote turnaround, expanded carrier market access, and improved accuracy for a streamlined workflow that benefits the entire insurance lifecycle. 

In addition to cost, decision makers should consider:

• Performance.
• Market access.
• Support.
• Growth potential.

And remember, the right commercial lines quoting software should feel like a growth partner.

Want to see a prime example of a commercial lines quoting software platform that checks all the boxes? Bold Penguin’s Terminal should be on your short list.