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 .
CUSTOMIZED SOLUTIONS AT THE SPEED OF SOUND
800-257-5590 quotes @ primeis . com www . primeis . com
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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 .
LET PRIME INSURE YOUR TOUGH RISKS
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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