How many hours do you spent obtaining carrier quote and generating proposals? Are you concerned about small group profitability? Does the upcoming renewal season fill you with dread anticipating the extreme overwhelm?
This blog explores how a quoting engine addresses those concerns and more, including why you need one, how it works and tips for choosing the right vendor.
Why do I need a quoting engine?
If you’ve been a broker since before 2010, you’ve personally experienced the enormous broker challenges caused by the Affordable Care Act, particularly when it comes to smaller groups.
The added complexity of the adjusted community rating provision made quoting a thankless job. Brokers must obtain and present dozens or even hundreds of different rates within each small employer group, often relying on inefficient manual and/or paper processes.
A quoting engine can drastically reduce the time spent quoting for each client, which then results in:
- Increased profitability for each group, even despite reduced carrier commissions
- Streamlined processes and elimination of paper and manual work
- Better client service, as you can spend more time with each group
- A far less hectic renewal season, saving you countless hours of work
How a quoting engine works
If you’re not familiar, a quoting engine essentially takes the work out of the process of obtaining quotes from each carrier, entering those rates into your system or spreadsheet, and then creating proposals for the client.
With a quoting software solution, you simply input demographic information for the employer group, and are presented with rates from all the desired carriers. With that information, you can either generate a proposal within the quoting engine or integrate with your other software systems to eliminate manual data entry.
What to look for in a vendor
If you’re convinced you need a quoting engine—or just want to explore your options—it’s important to know that some quoting software solutions on the market are better than others. Here are a few things to look for when researching and evaluating quoting engine vendors.
- Aim for as little work on the employer’s end as possible; some systems allow you to simply input the employer’s census.
- Look for a solution that includes a proposal generator, to make the entire process even easier and more efficient.
- Check for integration into other systems you have, such as benefit administration or plan modeling software, for as much simplicity and as little manual data entry as possible.
- Even better, find a vendor who offers a more complete system for a seamless experience. For instance, Dynamis offers one tool that combines quoting, proposal generation, plan data storage and real-time plan modeling.
- Ensure the vendor has sufficient experience before you invest, including vast insurance industry experience along with a proven record in the tech space.
Want to learn more about how a quoting engine can save you massive amounts of time, help you reclaim small group profitability and streamline the upcoming renewal season? Check out this educational ebook on the benefits of a quoting engine.