Quoting and underwriting are two important parts of running an insurance organization. It’s important that you pay attention to how you do these things. If you do them in the right way, you could have a successful, well-run organization. If, however, you do them in the wrong way, you could end up with an organization that’s constantly losing money. What’s the right way to employ quoting and underwriting solutions? When you have the right tools, including a public records search engine, you can make things much easier.
Access Deep Insight Into Your Customers
If you only have basic information available, it can be exceedingly difficult to come up with quoting and underwriting solutions that actually work. Your customers are unlikely to volunteer information that could potentially incriminate them or make you offer different types of coverage, which means that it’s instead your job to do that research.
Instead of relying only on the information your customers provide, it’s important to uncover additional information on your own. You can perform a background check on every customer that provides their information, providing additional deeper insight that you can use for better quoting and underwriting opportunities.
Speed Up Your Quoting and Underwriting Process
Some organizations take a notoriously difficult time for quoting and underwriting. Unfortunately, if you have to do your own research into each individual person, and you’re trying to find out a vast amount of information about that individual person, it’s going to take a long time to get to the end of the process.
That’s precisely why Tracers makes it so much quicker. With Tracers, you just have to provide a few pieces of information to get access to an entire profile on that person. With faster service, you’ll find that more customers are satisfied with the service they experience, even if it’s exactly the same otherwise.
Gather Information in Whatever Way You Need
There are a huge variety of ways in which you might want to gather information. These different methods of gathering information typically have to do with how much information you need to gather and what systems you already have set up. Tracers offers three ways of gathering information:
As you can see, the main difference lies in the volume of the requests and the method you use to gather it. Whether you’re looking to do thousands of searches at a time or deep dives into just one search, Tracers has an option.
Verify Your Customers’ Identities
Identity verification is an extremely important part of making sure you’re running a successful insurance agency. If someone’s going to try and run an insurance scheme, it’s common for that scheme to be under a different name than someone’s real one, which means that identity verification can sometimes weed those out.
Whether you’re avoiding fraud or you just want to keep all your ducks in a row from the beginning, identity verification should be an important point of your organization. Make sure you use your tools from Tracers, like TracersID, to verify identities and reduce risk.
Utilize the Most Innovative Processes
Innovation is an important part of moving forward. If you want to know that you’re doing great, you should look at whether you’re embracing brand new tools and options that people are using to make their processes work more effectively. If you’re embracing these tools, chances are that you’re going to do better than organizations stuck in the past.
That is especially true for insurance, which is an industry as old as time. Although the industry may be thousands of years old, that doesn’t mean your organization has to seem that way. Make sure you use the cutting-edge technology from Tracers software for more innovative opportunities.
How Can These Processes and Tools Make My Customer Experience Better?
Part of employing quoting and underwriting solutions is in making sure that you look at the long term, rather than the short term. You can’t just think about how these tools will make your customers’ experiences better in the next few months, but instead about how they’ll make your customers’ experiences better over the coming years and decades.
In general, better quoting and underwriting solutions will protect you from harm or undue loss, but it’ll also make the process easier for your customers. When you employ these useful solutions, you’ll be able to choose the best customers and best procedures, which will positively impact people’s situations.