Speed in Providing Quotes
Carrier perfomance: 7.77
After seeing a notable increase in average score for their quote turn-around time between 2018 and 2019, carriers’ performance dropped in 2020, falling from 8.06 to 7.77 and making this the lowest-scoring category in this year’s survey. Crucial to securing business, the quoting process requires efficiency, smooth operating systems and strong commu-nication – things several carriers seem to be lacking, according to the feedback from brokers.
While some brokers said they were satisfied with the speed at which they’re receiving quotes, common complaints revolved around “anti-quated systems” and “too many management layers required for approval.” A few offered suggestions to help solve some of the problems: “Consolidate existing quote platforms into one,” said one broker, while another suggested, “Update the online rating system to better reflect the information needed to quote.” A third broker had a simpler fix: “The underwriters need to call back faster.”
Overall, when it comes to quoting, brokers are looking for better communication, “expedited approvals on quotes” (specifically, turn-around times of 24 hours or less) and a rating system “that can deliver consistent rates that can be counted on.”