Life insurance is an essential part of personal financial planning. But finding the right insurance plan has historically been a complex and time-consuming experience. Life insurance quoting software simplifies the process of generating quotes and comparing plans. It helps advisors match clients with the best policy for their goals.
What is Life Insurance Quoting Software?
Life insurance quoting software provides advisors with multiple quotes at one time. It makes the quoting process quick and easy. It helps the advisor find the right policy for the client’s needs. The software considers inputs like the client’s age, health status and lifestyle habits. It uses this information, along with carrier product information like premium rates, to generate quotes for relevant policies.
What are the Benefits of Life Insurance Quoting Software?
For starters, using quoting software saves time. This is true for a quoting solution that compares products for multiple carriers. It could take an advisor 30 minutes to an hour to get quotes from various carrier websites. It depends on the type and number of products the advisor is quoting. With a multi-carrier quoting solution, it could take as little as 30 seconds, regardless of the number of products. These tools avoid the hassle of running the same information over and over to compare products and carriers.
This is especially valuable for younger clients. They are often looking for life insurance coverage for the first time. They are unfamiliar with the process and may expect the fast, customer-centric sales experience they receive in other areas of their life.
The software helps advisors provide better service to their clients. It streamlines the quoting process. Tasks like repetitive data entry are automated. The software organizes the data and presents a relevant list of quotes. Advisors can spend more time helping clients find the right policy and answering their questions. Without these digital tools, the advisor gets bogged down in administrative tasks.
Quoting software ensures clients get the best possible policy for their needs. Some quoting solutions allow the advisor to filter for the product features that are most attractive to the client. Like whether the product is convertible to a whole life policy or it supports accelerated underwriting.
This is important for clients with pre-existing conditions or other health issues. These individuals may be hesitant to apply for life insurance. They may fear being denied coverage or being charged exorbitant premiums. There are a wider range of life insurance products available than ever before. Chances are there is a policy that is a good fit for any given client. Quoting software helps advisors match clients with a policy from among many options.
In addition, some quoting solutions include needs analysis calculators. This helps identify the amount and type of coverage that is in the client’s best interest.
The Modern Quoting Solution
Life insurance quoting software is a valuable resource for advisors and clients alike. It streamlines the quoting process and saves time. It also helps ensure that clients get the best possible policy for their needs. With life insurance quoting software, advisors can provide better service to their clients. And clients can be confident they are getting the coverage they need at a price they can afford.