Why Insurance Companies Need CPQs Too

 

Over the past few years we have made great strides in a variety of niches: boats, cylinders, RV’s, and even playgrounds. We always knew EosCloudStore could be tailored to fit anything that could be configurable, so we are incredibly pleased that people and organizations from diverse sectors are seeing the benefit of a configurator... but there is more always work to be done. One sector in particular that is geared towards a systematic lift from CPQ software is the insurance sector. Although insurance companies are not as visual as say a boat manufacturer, a configurator can be an immensely useful tool that can reduce time, errors, money, and make the experience of getting insurance nearly headache free if executed properly. The insurance sector has a great deal of customizable factors such as level of coverage, assets, and people that all vary a great deal; not very different from their more visual counterparts.

Insurance agencies live in an incredibly competitive environment where they depend on user experience, whether it’s speaking to an agent over the phone or being more digital and having a way to locate and sign up for coverage online. One of the biggest pain points that insurance agents and companies face is that the modification of products and services is such a large array that a multitude of internal departments need to be involved in order to accommodate new policy features. Unfortunately, insurers need to update various systems each time a change is made and the tasks are tedious and repetitive for both agent and the customer attempting to become insured. As a result, it becomes incredibly difficult to deliver the service of insurance in a timely and efficient manner, resulting in a poor user experience.

With the right configurator solution, insurers can develop agile process applications that can be changed universally and in real time. The process, if implemented and adapted correctly, can unify the sales and ordering process platform, turning a sales transition from time consuming and error prone, to a source of company differentiation. Configurator software can be a great benefit to an insurance sales process. A CPQ platform can simplify product complexity and benefit cross and upselling opportunities, as well as providing 100% quote accuracy and consistency across every sales channel and with the use of any platform, including mobile devices.

Research conducted by Gartner entitled “Top 10 Technologies with the Greatest Impact on the Life Insurance Industry,” predicted that CPQs will be a tool that will enable easier access to the rules and content of the product itself. It further predicts that CPQs will drive down product development cost and assure insurers get products to market faster than those peers who continue to rely on legacy systems.

As customers continue to rely on more digital ways of conducting business, it is only natural that organizations will need to find creative and systematic tools that can meet user needs. To see how our CPQ and configurator solution can help build your client base and streamline your sales process please contact us.