Five Reasons Why Insurr Will Help Brokers

In these modern times, it’s hard to imagine life without the internet. It’s so ingrained into the fabric of society that it has become the bloodline for almost every industry in the world.

We can look up anything on the web as it churns out multiple results that could be the answer to anything you’re searching for. However, there are some things that are so niche that even the most powerful search engines can’t provide the best results.

Case in point: specialty insurance products.

Brokers have always relied on the traditional ways of researching products that they offer to clients; printed directories, telephone calls, recommendations from favoured underwriters, etc. Admittedly, they are still useful, but there is now a much more effective way of doing it.

It’s so simple, yet efficient – Insurr, a free online directory of specialty insurance products from different companies. 

Here are five reasons why specialty brokers should use Insurr:

1. Calling insurers to ask them if they offer certain products to cover your client’s specialty needs is no more. Reaching out to multiple insurance companies in order to find the perfect product to sell to your client can be tedious – looking up their number, dialling, waiting on hold, scheduling a callback and then the actual conversation. Whilst direct communication is still a tried and tested way to score a deal with insurers, all that saved time can be used to improve your productivity instead. 

2. A comprehensive list of products all in one place. Brokers need to be the jack of all trades when it comes to their knowledge towards coverage areas provided by insurance companies. That can be tough, especially when it comes to specialty products – they can be as varied and niche as whatever exists in the market. Do your clients need to insure drones? Airbnb? Classic cars? An expansive online directory can help you see what’s out there so you can choose which one best suits your needs.

3. Finding out what’s new and what’s best is easy. Waiting for connections with underwriters and sifting through the well-thumbed print directories can make you lose out to competitors. Utilising a search engine can give you the advantage. Just like doing research on Google, you can strike gold just by scrolling through the various search results Insurr displays. Not only that, but compared to a print directory, a digital inventory can be easily updated, therefore giving you the latest on all of the insurers out there.
 
4. Less time searching for products, more time to serve your clients. Clients want agents who’ll ask after them even after their transaction. You want your clients to have the best customer experience as your relationship with them can lead to a broader market. But, how can you do that when you’re too busy looking up products needed by your other customers? An online platform can help you find those hard to cover risks quickly, giving you more time to educate yourself and clients on other emerging risk areas. 

5. Focused product details in a consistent browsing format. Skimming through policy wordings is no easy task. There are some documents that seem like a hundred pages for that particular coverage area. It can be time consuming for a broker to see if particular products meet the specific needs of their clients. This sort of information can be buried within the multiple formats and layouts from different insurance companies, making it hard to read and compare. Insurr’s easy to use format summarises the main details such as coverage areas, coverage limits, premium ranges, exclusions and deductibles, all at a first glance.

The insurance industry has been dubbed as ‘traditional’ and ‘rigid’. But it is catching up on the technological trends that have been adopted by others. Buzzwords like ‘fintech’ and ‘insurtech’  might make good clickbait but by using a tool like Insurr, brokers are directly involved in taking that much needed leap towards innovation and development. Especially amongst all of the emerging risk areas that make up specialty insurance.

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Other pages of interest:

There's one type of coverage brokers just can’t get enough of by Insurance Business Canada on August 15, 2017

Cyber is Canadian brokers' number one search by Insurance Business Canada on June 12, 2017

Is this new insurance database the industry’s Google? by Insurance Business Canada on October 24, 2016