Comparison sites, inviting consumers to shop for insurance by price, usually with a click of a button or two, are becoming increasingly pervasive.
For insurance producers, what this does is create an opportunity to really show their value, as long as they integrate with this technology and use it to show the value of their expertise/advice.
“While price is important, we have learned, from working with more than 100,000 clients, that advice, industry expertise, and product knowledge are much more dominant purchasing attributes for customers,” Ted Devinem CEO of Insureon, told Insurance Business America. “Very often, clients purchase higher-priced products with specific endorsements or features that better meet their risk exposure.” That’s something that wouldn’t happen if the client relied entirely on the comparison site.
A good example is computer programmers working with Dell or Apple. They have to have specific liability limits in order to earn “certified programmer” status. Another example is janitors, who are often required to purchase a lost key coverage endorsement with their General Liability policy in order to sign a cleaning contract.
“To deliver this level of service, what’s critical is to make the information-gathering process as streamlined as possible and the ability to produce the best real-time quotes from the best insurance companies,” Devinem said. “The time savings for agents lets them zero in on service-related tasks like talking to clients and spending the time necessary to ensure that a quote meets a client’s needs.”
This will also lead to many agents redefining their value prop, as agent business models will morph into one that emphasizes creating opportunities for their customers to access their services quickly—utilizing comparative technology integrations to serve today’s consumers that seek instant gratification through quick-access technology.
