The commercial lines market has grown steadily over the last few years, and it’s expected to offer agencies even more short- and long-term opportunities. In fact, according to a recent Reagan survey, commercial lines are currently the leading driver of insurance industry growth, posting organic growth of 11.7% in Q223, the highest Q2 results in the survey’s history.
Despite the incredible potential of commercial lines business, many agencies aren’t taking advantage of this market. There’s a longstanding assumption that commercial lines profit margins are so small that they’re not worth it. The outdated belief that inefficient data collection, subpar industry collaboration and limited carrier options make commercial lines workflows too complex also limits agencies’ investment in this market.
The reality is that recent technological advancements have minimized or eliminated these problems, making commercial lines worth investing in more than ever. In this blog post, we’ll go over some ways your agency can capitalize on the potential of this market.
Tech that Makes Commercial Lines More Profitable than Ever
Many businesses don’t realize that technology has solved or minimized the problems that used to make commercial lines time-consuming and only marginally profitable. Now, commercial lines business is more lucrative than ever. Recent innovations have streamlined quoting, made it easier for industry partners to connect, and made commercial lines workflows much simpler to navigate.
How can these new advancements help you get the most out of this growing market? Let’s look at 4 ways you can use technology to simplify commercial lines:
- Use Tech that Connects Seamlessly with Your Management System
In the old days, agents had to go back and forth between different workflows, entering the same data multiple times when dealing with commercial lines. The process is much more effortless with recent advancements in tech that allow agents to integrate commercial raters with single-entry quoting, appetite search, and digital submissions applications into their management systems. Agents can also benefit from automation, information prefill, and reduced data entry for commercial lines. All of these innovations make submitting commercial lines faster and easier, saving time and money. - Get Expanded Access to Carriers
Along with newly efficient workflows, the latest technology for commercial lines offers a growing list of regional and national carriers that provide commercial quoting for thousands of agencies. With these robust carrier panels and systems integration, commercial lines business is easier to manage than ever before. - Embrace Solutions that Deliver Market Insights and Connectivity
Agents can now get the latest appetite and submission requirements from their management systems. Searching markets has also become easier with integrated software that doesn’t require agents to switch back and forth between systems during the process. - Have the Right Quoting Software
If you want to get the most out of commercial lines, there’s nothing more important than having the right quoting software. A commercial lines rater could save you up to 80 minutes per commercial risk line quoted and $50 per risk. Commercial lines raters have made commercial lines quoting easier and more profitable. They easily integrate with your management system, offer a variety of markets, and have intuitive workflows that minimize data input across carriers.
The Best Commercial Lines Tech for Your Agency
Commercial lines offer agencies incredible potential returns, especially in the current hard market. But only if you have the right tech – which means having a management solution and rating engine that offer all the recent technological enhancements to streamline commercial lines submissions.
Let’s check out some EZLynx-compatible solutions for management and rating that will help you thrive in the commercial lines market with the newest tech that makes commercial lines easy to handle.
Ivans for the Complete Commercial Lines Lifecycle
Ivans is an all-in-one solution for commercial lines that integrates seamlessly with EZLynx®. With streamlined workflows at every step of the quoting and submissions process, it saves agencies time by eliminating the manual processes to increase profitability. Ivans also gives agents access to more markets and products to ensure that clients can always get the product they’re looking for at the right premium price.
Tarmika: Your Small Commercial Lines Quoting Tool
Tarmika, the leading small commercial lines quoting tool, offers agents access to an impressive range of markets. Agents can use the software for multiple carriers and communicate with underwriters, saving time and reducing errors and omissions. Best of all, Tarmika integrates with EZLynx Management System™ so that agents can quote within their daily workflows.
Time to Take Advantage of Commercial Lines Opportunities
Right now, commercial lines business is expanding fast, and it looks like it will only accelerate in the coming years. Having the right software is critical to taking advantage of this opportunity. In the past, commercial lines workflows and submissions could be inefficient and costly for agencies to navigate, but new tech has simplified the process to make it fast and lucrative. As a result, agencies that have the right commercial lines solutions can pull ahead with streamlined workflows, single-entry data input for multiple carriers, and integrated raters. Ensure your agency can take full advantage of the profitable commercial lines market when you have the right tech at your fingertips.