Often a carrier will quote a policy based on limited pre-fill data or homeowner-supplied property information. The agent will choose the best product for the client and later have to withdraw the quote when the carrier discovers it was missing pertinent information the first time around. Imagine the frustration of all involved parties.
A quicker and more accurate scenario would be one-time entry of the customer’ s new address by the agent into a comparative rating platform. A single valuation of the new home would be generated from integrated pre-fill property and building-cost data then electronically delivered to multiple carriers. The agent is able to provide value to the customer by getting an accurate policy bound in a timely manner without having
to ask multiple questions about the new property— information that the homeowner may be lacking.
While having comprehensive and complete data solves the problem of accuracy and timeliness, it’ s important to remember the stringent regulations surrounding the protection of nonpublic personal information( NPPI). It’ s the agent’ s responsibility to know the lineage of all non-public data and to protect it once it’ s in their possession. Once public personal information( PPI) is combined— either knowingly or unknowingly— with non-public personal information, it can quickly all become non-public personal information.
Bottom line? When underwriting property insurance, carriers and third-party comparative rating vendors should continue to work together to enable consistent and accurate property valuations as well as a faster, more streamlined point-of-sale experience for the agent and the consumer.
Jerry Fox is the Market Leader for Insurance Agents and Brokers at CoreLogic.
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When it comes to excess and surplus insurance carriers, Prime sits alone as the market’ s true solution for very hardto-place risks. With our partnership approach and flexible underwriting, we have the unique ability to adapt quickly and craft a policy that meets our customer’ s specific needs.
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Ryan Hanley is the Head of Agency Nation, the insurance industry’ s leading resource for sale, marketing and automation strategy. As a former independent insurance agent and Certified Insurance Counselor, Ryan has worked with hundreds of insurance clients.
* For latest ratings, access www. ambest. com.
| MARCH- APRIL 2016 | KANSAS INSURANCE AGENT & BROKER
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