The latest news about insurance innovation and LineSlip Solutions.
Today’s commercial insurance submission process is the same as it was a decade ago despite incredible advances in technology: It’s time consuming and inefficient for everyone involved, including clients, brokers and carriers. More importantly, while companies such as Amazon make a fortune by making the most of data, almost all the information collected in the risk marketing process languishes and dies as unstructured data.
LineSlip was developed by insurance industry professionals to introduce efficiency, workflow management and business intelligence to this archaic process. LineSlip makes it easy to collect the right information and complete the documents for submission and eliminates duplicative data entry. It allows brokers to store, and easily find, all documents securely in one place. Most importantly, it takes all the data that is collected and allows you access to it so that you can make more informed decisions.
Here are just two of many ways that we envision data being used more effectively at brokerage firms.
Assessment of broker productivity
Today, there is no way to easily access information about broker productivity and performance. How many submissions did a broker make last quarter? What was the quote to submit ratio? What was the bind to quote and bind to submit ratios? How much new business was bound?
This information, when broken down by broker and line of business will provide tremendous actionable insight to help inform better decision making across the entire organization.[/vc_column_text]
At a recent meeting at a top 10 brokerage firm I asked how data about carriers was shared across the organization. It struck me that brokers likely amass great insight from their own deals and I thought there must be a system for sharing this data with others in the office. But there is no system. This particular firm has a weekly meeting and people go around the horn and talk about their deals. The information isn’t documented or made accessible outside of the meeting. Clearly there’s a better way. Imagine having an online portal where a broker can easily find the market price for a risk and compare the quotes he is getting. That’s powerful data that can truly help the client understand whether he/she is getting a good price and help the broker decide which carriers to reach out.
If you’re interested in how you can start leveraging the data you already have, please reach out to schedule some time to talk.