In the technology-driven environment that surrounds consumers today, it’s important to deliver products and services at lightning speed. Living in the age of instant gratification, consumers have grown accustomed to having access to information they need to make a buying decision immediately, even if the decision is not immediate. More and more consumers start the buying decision online than ever before. In the insurance industry, you need to get premium dollars and preserve that business. This means getting in front of the consumer and providing a quote as quickly as possible.
Since API’s are the gold standard for data interchange, importance should be placed on connection, security, deployment, and scale. Today there are more insurance companies developing a direct to consumer model who traditionally offered products through an independent agent. At the same time, the independent agent is trying to create an online identity that will resonate with the insurance shopper. BridgeNet Insurance CMO, Don Hobdy Jr. says “The industry has absolutely shifted its attention to engage consumers online. If you can’t provide an online shopping experience, then you are giving away at least 15% of your premium to someone else”.
Companies can be overwhelmed by the complexities of the technology to quote faster, but first-rate startups like BridgNet have simplified their technology offering to speak in practically every code language used today. Giving carriers and agents the ability to reach high intent consumers and offer their rates to online consumers.
The future of insurance quoting is highly technical. API platforms are the driving force for faster quoting and will soon be the only choice for insurers to offer a digital experience to customers. Technology leaders who can create an ecosystem that allows insurance companies and agents to provide faster quotes to consumers will set the tone for the industry’s future.