In the world of insurance sales, the ability to quickly deliver competitive quotes is crucial to closing new business. To better serve prospects, agents need a solid understanding of a prospect’s current coverage details. Today, an agent typically must manually request that info from their prospects, asking them to look up and disclose detailed information from their insurance policies. Getting a prospect to login to their account, manually download their policy and decs page, and then share it with them simply to get a new quote is a major barrier for agents to accurately and competitively quote new coverage. Often, agents are quoting blindly without direct access to the insured’s data, and this means their quotes can fall short.
Insurance agents need instant access to an insured’s existing coverage details in order to make their business more efficient, and consumer-permissioned data (CPD) technology can accomplish just that.
How CPD is commonly used today
CPD isn’t new; in fact, consumer-permissioned data technology is already leveraged for a variety of use cases. A classic example of CPD is in creating a Venmo account, where instead of manually inputting your bank account number to confirm your bank account details, you can instead login to your online bank account and instantly transmit your account details to Venmo for the purpose of sending and receiving money. The ability for consumers to share their data directly from their online accounts, also known as credentialed data, with various digital partners has proven immensely valuable for a variety of consumer transactions ranging from mortgage loan application processing to employment background screening. The instant delivery of necessary information directly from a consumer’s online accounts eliminates outdated processes like paper documentation, back-and-forth phone calls, faxes, and more.
Now it’s time for insurance agents to take advantage of the many benefits of CPD.
How to grow your book of business using CPD
We know the foundation of the insurance industry is built on client relationships. Phone calls and emails to compare quotes, finalize paperwork, and bind policies is the norm. But consumer-permissioned data is here to improve those processes without taking away from the importance of client relationship-building, retention, and referrals.
Benefits of using consumer-permissioned data
By using CPD technology, insurance agents can expect:
Better coverage and advanced scalability: direct-from-consumer or consumer-permissioned data allows agents to easily get policy and coverage details data directly from their prospects’ accounts, without relying on manual downloads or third parties.
Transparency and consumer trust: Trust and data is more important than ever in today’s hyper-online world. When you request insurance policies directly from the consumer, you open the door to customer confidence, retention, and referrals.
Fresh data every time: By gathering decs pages directly from the source account, e.g. straight from a prospect’s online State Farm or Allstate account, you are getting the most reliable and accurate data available so you can quote with confidence.
By employing consumer-permissioned data, agents are able to streamline their processes to collect dec pages from clients almost instantly, which allows them to find the best quote for their clients, provide a quick and positive consumer experience, and ultimately stay competitive amongst other agents.
How it works
When a request is made for a dec page, the consumer must provide permission by logging into their online account. At MeasureOne, the process is simple:
- Agents send a link via text or email to their prospects with a request to share their decs page
- The prospect logs into their online insurance account (e.g. AllState) via the MeasureOne platform to connect their data in seconds
- The requesting agent then receives the consented insurance policy details
The whole process can be done in seconds—getting agents the information needed to get clients new quotes and grow their book of business.
Take the next steps with MeasureOne
MeasureOne is already making strides using consumer-permissioned data. We bring secure, transparent data to the table for the benefit of businesses and their consumers, and now we’ve taken this technology and built a solution specifically for insurance agents like you.
Quoting, binding, and verifying insurance just became so much simpler using consumer-permissioned data with MeasureOne.
And that’s not all. With MeasureOne, we’re driving to provide the insurance industry with an all-encompassing tool using consumer-permissioned data:
- Instant verifications: Gain access and verifications of home and auto insurance data for any consumer; plus, reduced risk from manual load limits human error.
- Streamlined underwriting: Access any data with associated credentials and speed up the approval processes for borrowers and reduce denials through improved eligibility processes
Insurance agents, lenders, and employers can now access the power of CPD. Ready to learn more about how MeasureOne can help streamline your insurance operations?