What Is Insurance Data Intake?

TL;DR:

• Insurance data intake is the process of gathering a prospect’s insurance information for an accurate quote.
• Insurance data intake has evolved, offering various options from traditional online forms to cutting-edge consumer-permissioned technology. Agents now have diverse tools at their disposal to gather crucial client information efficiently and securely.

What Is Insurance Data Intake?

Insurance data intake is the process of gathering prospect’s insurance information to get them an accurate and tailored quote.

In the quoting process, it comes right after a quote request.

Insurance Data Intake: Insurance Quoting Process

Insurance data intake is an essential stage of an insurance agency's quote process.

Here are the key steps:

1. Quote request via any source: The client expresses interest in getting a quote, saying "I want a quote from you."
2. Insurance data intake: The agency gathers the facts about the client's insurance needs and situation.
3. Advisory consultation: The agent meets with the client to get the full story, build rapport, and provide personalized recommendations.
4. Generate rate quotes: With the necessary data, the agency can provide accurate rate quotes.
5. Quote Presentation: The agent presents the quotes and policy options to the client.

Optimal insurance data intake should be fast, accurate, and convenient. It should work well from both a client experience and agency operations standpoint, with minimal data entry and integration into the systems the agency uses most.

If the insurance data intake isn't done properly, the advisory stage becomes compromised. This opens the client to potential risks or coverage gaps, and the agency to Errors and Omissions (E&O) risk.

Insurance Data Intake: Methods

• Quote request forms: A digital form that allows potential customers or existing clients to provide their information and request insurance-related services or coverage. The functionality and user experience of the uote form vary from collecting the bare minimum contact information, to including detailed information like an intake form.
• Intake forms: These are forms to provide detailed information about the client to build out an insurance profile. This typically happens in response to a quote request. Intake forms can take place via an online form, a fillable PDF, a physical document, or email to gather the necessary information.
• Live Q&A: A method where insurance agents ask prospects questions over the phone or in person to gather their insurance information.
• Data Prefill: Refers to the ability to automatically populate client information fields in insurance forms and applications using data from third-party databases. The accuracy and completeness of prefilled data is dependent on the quality of the third-party databases being integrated.
• Dec pages: The primary function of a declarations page is to provide a concise summary of the key details of an insurance policy. Insurance agents may need to collect additional information from the client to tailor the quote to their specific needs.
• Consumer-permissioned sharing: This modern method involves using technology that empowers the consumer to easily share their insurance information directly from the carrier.

Insurance Data Intake: Meeting the consumer where they are

The most effective insurance data intake processes prioritize flexibility and convenience for consumers while ensuring speed and reliability for agencies. By offering a range of options, agencies can meet clients where they are most comfortable. This approach not only enhances the customer experience but also improves data accuracy and completeness.

Modern intake solutions that combine these various methods allow agencies to cater to diverse client preferences while streamlining their own workflows. By embracing these tools, insurance agencies can provide a seamless, personalized experience to current clients and prospects. Ultimately, adopting a versatile, tech-forward approach to data intake positions agencies to thrive in an increasingly competitive market, enabling them to offer superior service while optimizing their own operational efficiency.

Insurance Data Intake Solution: Canopy Connect

Canopy Connect is a leading insurance intake platform that solves these challenges. Our consumer-permissioned insurance verification technology makes it easy for agencies to collect verified insurance data directly from the carrier. This includes policy information, insured details, vehicle data, driver info, claims history, and commercial loss runs.

The data is structured, normalized, and enriched with additional property and driver details. Custom smart forms mean you only ask for the information you don't already have. Optional document upload consolidates all insurance information in one place.

With the right data in hand, agents can advise clients on the right policies and coverages. And with a click, the data can be shared with essential systems like a rater, CRM, or agency management system.

Key Benefits of Canopy Connect

1. Get Verified Insurance Data Quickly: Canopy Connect makes it fast and easy for prospects to share their current insurance details, saving time on lengthy forms or phone interrogations.
2. Improve Quote Conversion Rates: By having complete, accurate policy information, agents can provide more precise, competitive quotes that win more new business.
3. Streamline Agency Operations: Canopy Connect's structured data and integrations help agencies scale their quote intake process and write more premium.
4. Enhance the Client Experience: The modern, digital experience of sharing insurance info through Canopy Connect is more convenient for clients.

According to a recent survey, poor customer experience was the primary reason why people switched their insurance providers, surpassing both price and coverage concerns as the key factors. The survey found that 26% of respondents had changed insurance providers in the previous 12 months due to dissatisfaction with the customer experience.
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If you're an insurance agency looking to streamline your data intake, boost your closing ratios, and provide a better client experience, Canopy Connect can help. Learn more and get started today.