A 2021 ICTA nomination
Toronto, ON (Apr. 8, 2021) – Commercial insurance is still largely a painfully slow, paper-based process that lags far behind personal lines in terms of innovation. This is because purchasing business insurance can often be a manual, complex and high-touch process. As technology has evolved, so have consumer habits, behaviours and expectations. Many buyers are now seeking out technology-driven, more efficient ways of managing their insurance.
To address these challenges, we started Fuse Insurance, a technology-centric commercial insurance brokerage. In August of 2017, development began on our quoting software, with the initial launch in January 2018. Our software development team continued to work hard to find the best ways to automate broker day-to-day tasks and launched our new quote platform in December 2020.
Our custom-built, proprietary quote system is designed to dramatically decrease the time it takes to turn a new lead into a marketable submission. In its present form, our software provides instant generation of applications, submissions and rating sheets for our most active industries and IBC class codes, rapidly speeding up the new business intake process. It connects directly to our in-house custom-built CRM system as well as other industry data portals as required. Our software also allows us to provide instant rating for some of the key industries we do business in.
Our quote platform ensures the right questions are being asked during the initial intake process and adjusts to answers in real time. This improves overall data accuracy and produces a ready-to-send, high-quality submission as a result – creating a smooth transition from broker to underwriter. As it stands, there are 7,700 quote form possibilities on our platform that adapt based on how a customer answers the application questions.
With our technology, we are able to take away the worst 20% of the insurance broker’s job. The time that our brokers would normally spend on manual data entry and preparing new submissions for a number of insurers can now be spent on more complex tasks. With the help of our software, brokers become more useful at their jobs and can dedicate more time to working with insurer partners. Reduced back and forth time with underwriters also results in less frustration around delays and paperwork – improving employee morale and productivity.
Benefits:
Since the launch of our quoting software, we have increased client satisfaction and made significant process improvements for our commercial brokers.
- Users can get a commercial insurance quote in as little as 7 minutes.
- Saves an average of 30 minutes per lead.
- Reduces lead to submission time from 45 mins to 15 mins per lead on average.
- Reduces the process of filling out applications and receiving quotes back from insurers from an average of 7-10 days down to just 1-2 days.
- Reduces broker touchpoints throughout the application process from 6 to 2 on average.
- Processed over 500 quotes submitted through our platform in the first few months since our launch.
- Our dynamic database of application questions can be easily updated by brokers and instantly reflected across our website and software tools.
Learn More
- Learn more about Fuse Insurancce in the InsurTech Spotlight.
About Fuse Insurance
Launched in 2017, Fuse Insurance is the evolution of the commercial insurance brokerage, and the first of its kind in Western Canada. Backed by policies from a selection of A-rated insurers, Fuse Insurance can provide coverage for businesses large and small from almost any industry. Fuse was voted as Brokerage of the Year (less than 10 employees) at the Insurance Business Canada Awards in 2019. Learn more at fuseinsurance.ca, and for the latest updates, visit the Fuse Insurance Blog.
Source: Fuse Insurance
Tags: Brokers, commercial lines, Fuse Insurance, ICTA nomination, InsurTech, InsurTech Spotlight