A very critical, yet mundane activity that happens in Insurance industry is quote management. Customers request an insurance agency to provide quote that has best possible coverage and low premium that would meet their requirements. What really happens is in most agencies, the CSR reviews each individual quote, manually enter the information into an excel spreadsheet for comparison and share the info with the customer. The result, most Insurance agencies are:
- Unable to quickly identify best coverage and premium
- As the process is heavily manual and laborious, there are delays and associated errors
- Unable to strengthen customer relationships
- Challenged on productivity and sales upsell capacity
- Unable to provide good customer experience and employee experience
In today’s fast-paced world, Customers expect quick responses. Customers requesting an insurance quote expect an Insurance broker to respond quickly with the best of coverage and premium. They are no longer willing to wait days or weeks to receive a quote.
ExdionQCOMP is the panacea for quote comparison. It is a smart AI and cognitive science based platform that helps to completely automate and accelerate the process of comparing quotes. ExdionQCOMP eliminates wasted manual hours, piles of papers and potential human errors during the quote binding process. ExdionQCOMP checks for critical data to quickly identify the best coverage, terms & conditions and premiums for clients. With ExdionQCOMP, a CSR can simply select carrier quotes that she wants to compare and press the submit button. Within seconds, a summary of the comparison will be available for to the CSR to review and make an informed decision. What would to take a few hours or days happens within few minutes with ExdionQCOMP. This significantly improves the service response time and allows CSR to spend more time on customer relationships and sales. ExdionQCOMP eliminates the manual process with AI/ML capabilities. Whatsmore, ExdionQCOMP extracts and analyzes data in quotes many times faster than a human can, with greater accuracy. With ExdionQCOMP, Insurance agencies can relieve their associates from repetitive high-volume administrative tasks and allow them to be “future work ready”. With smart tools like ExdionQCOMP, the staff could now focus on high-value customer facing initiatives and drive the growth of the agency.
ExdionQCOMP has other benefits too. It streamlines and simplifies quote comparison by automatically comparing up to 5 policies at once. It extracts, interprets and analyzes unstructured data in real time across document formats including Word and PDF. ExdionQCOMP helps CSR quickly compare premiums, endorsements and limits side by side. ExdionQCOMP comes with powerful seamless integration abilities. It can pull data from data mart or other back end systems. No manual data entry is required. With ExdionQCOMP, Insurance agencies finally have a powerful tool to delight customers.
