In the insurance industry, there are different types of technology available to agents, both for captive agents, as well as independents.
The idea behind “Tech Check” is we’ll discuss some technology that we’ve seen, that we’ve used, and are essentially reviewing so that other agents can know not only what is available, but what is their competition doing with it.
New apps and services come out all the time. But let's start with the basics. In this article, we’ll cover EZLynx, and specifically their comparative rater.
In case you haven’t heard of a comparative rater, it saves a ton of time for independent agents by running multiple quotes at once. It simplifies an important and complicated job, and it’s hugely useful.
Here is an example from a quote I ran on myself last year. I couldn’t get all of the carriers, much less home quotes included, because it doesn’t fit on one screen:
There are some agencies I’ve spoken to that don’t use this service, and it kind of blows my mind. It’s good for me as an agent, and good for the client.
Good for agents
The first, and obvious reason it’s good for me as an agent is because I can be sure that what I’m offering to my clients is truly the best option available. They know that I’m not pushing a specific carrier. They can see a dozen or so options, and they can clearly see that I’m offering the best fit.
Also, this is a big deal for re-quoting. If a client takes rate, or simply wants to shop in a few years, all of their information is saved, so I can re-quote a client very easily. Naturally, this saves a lot of time while helping agents with retention by providing true value to the client.
Next, it has helped our strength with carrier partnerships. We do a LOT of quoting, and when a carrier takes rate, they don’t generally give us a hard time, because they get the opportunity to win the business Every. Single. Time. We’ve had conversations with carriers showing them that we’ve run thousands of quotes. So if a carrier's rates are high at the moment, when they adjust their rates (or the other companies increase too) they are sure to write a lot of business with us because we are consistently quoting them.
Good for customers
Easy quoting like this will save customers time and money. Some companies advertise that they show you competitors' rates. A good independent can do that too - but they can show more, and they can write the policy where it fits best!
The other huge value to a client is that they get the service of a local agent. There are online quoting agencies, like Coverhound or Zebra (if you don’t know them, you should. They are your competition!). We can offer similar services, with the touch of a local agency.
Your customers can feel like this:
What are you doing?
If you’re a captive agent, then no worries, you have an excuse not to do this, because you can’t.
However, if you’re an independent agent and you’re not using a comparative rater like EZlynx, Semcat, ACS, or something else, you’re a step behind your competition.
You could save time, and ultimately focus your efforts elsewhere if you had the ability to quote all your systems at once.
IHT is a multi-state insurance agency with dozens of branches across the eastern and central United States.