WHAT IS A SUBMISSION MANAGEMENT PLATFORM?

WHAT IS A BID MANAGEMENT PLATFORM?

The Trade Assurance Quote Management Platform (SMP) is a type of software for submitting and managing Trade Assurance requests during the quotation process. This software is designed to streamline the submission process. It makes it easier for companies to file trade assurance applications and creates transparency among stakeholders.

Wheelhouse, The Submission Management Platform for Commercial Insurance

The software offers a number of features and benefits, including:

• Efficiently send all necessary documents in one place
• Automate processes by eliminating tedious tasks
• Streamline data management
• Provides real-time updates on submissions

The bid management platform provides a central hub to manage all the data and documentation required for commercial bids. This software can be used to communicate with stakeholders. Or to submit individual applications or corporate books in a centralized location, creating an easy and transparent submission process. These platforms can also be used to generate reports and analysis to make trading decisions on demand.

It also provides wholesale brokers, networks and insurance agents with a library of digital tools. These tools enable each level of insurance professional to improve the insured's buying experience. Drilling rigs often come in a variety of configurations. And they let you choose the features that best suit your needs. The most sophisticated SMPs offer high customization options for digitally savvy insurers ready to take their business to the next level.

Finally, a commercial insurance quote management platform with deep integration with several leading carriers. It also supports submission collaboration between multiple sources.

For example, such cooperation would be between the SMP and the agency management system. These types of collaborations contribute to transparency and free flow of data in the industry, making it easier to sell and manage trading accounts.

In addition, SMP also provides the ability to define, edit, and add multiple traders' cravings for submissions and the ability to generate reports and run analysis on the submission dataset or on subsets of submissions. 

HOW DOES THE BID MANAGEMENT PART “WORK”? 

SMP is software that aids the submission process by providing an easy-to-use application. It eliminates tedious tasks, creates efficiency, and streamlines the document submission process. To do this, SMP generates single-entry quotes that are mapped to multiple service providers, generating instant, linkable quotes.

Advanced SMP provides one portal to manage all your requests and quotes in one easy to use interface. Your agent can send quotes on behalf of the customer. They can start an application and then email the customer for completion. Agents can manually enter requested quotes outside of the system. Regardless of the type of submission, you can view and manage any agency, any application, and any customer from the same portal.

Insurers handling large volumes of monthly commercial insurance quotes create efficiency by leveraging automation and limited data entry. This improves customer satisfaction through fast and accurate application turnaround times. A submission management platform, like the one offered by Talage, includes an appetite checker, communication channels, automated status notifications, and a marketable multi-operator reviewer and/or sell books from the business almost instantly. 

HOW TO CHOOSE THE BEST BID MANAGEMENT PLATFORM FOR YOUR BUSINESS 

Now you understand what a bid management platform is and how it works. However, choosing the best bid management platform for your business is no easy task. There are many factors to consider, such as cost, functionality, and usability. It's important to do thorough research before choosing a bid management platform for your business.

Here are some factors you should consider when making your decision:

• Features and tools provided by the platform
• Interruption vs. seamlessly transform your existing processes and relationships
• The number of transaction submissions you send per month
• Staff capacity and training needs
• And, of course, the cost

The best submission management platform is the one that will meet your business needs, provide the best customer service, and grow with you. Be sure to ask questions so you fully understand how the product works and the value you'll get. 

10 BASIC QUESTIONS TO ASK ON EVERY CONTENT MANAGEMENT PLATFORM  

We've covered asking questions when identifying and previewing submission management platforms. Here are some basic questions about any bid management platform you're considering integrating:

1. How it works?
2. Should I develop my own technology?
3. How does SMP work with other software and tools?
4. How many users will I have with this software or tool? Who should use this software or tool?
5. What are its features and functions?
6. What is the cost of this product or service?
7. Does it have a free trial period, demo version or live demo version?
8. How long does it take to receive a quote? Are these actual rates or quotes binding on the carrier?

Talage understands the importance of these issues. To learn more about Talage SMP and see our answers to these questions, visit our SMP FAQ page. 

MAXIMIZING THE BENEFITS OF THE BID MANAGEMENT PLAN 

There are many benefits to using a bid management platform. And there are plenty of reasons why you should use one. These platforms help you to analyze and track the growth of your commercial activity. They also give you the ability to manage all of your submissions in one place.

It's a great way for new entrants to the industry to get a feel for what's going on in the business, find undeveloped niches they can sell to, and learn the class code as you progress. and when they do business. It also gives longtime professionals a way to organize their submissions in one place so they can focus on what they do best: building relationships with their clients.

Some of the benefits of SMP are:

• Make the submission process quick and easy
• Allows companies to quickly recruit new employees
• Enhance efficiency by quoting trade policies digitally and with a single app 

Have a digital mindset

To get the most out of your bid management platform, you must have a digital mindset. While previous versions of insurance technology aimed to displace agents and other incumbents, it is clear that empowerment is the key to success for all parties.

Knowing that your current process will be updated, such as going from taking notes on paper to entering information into the system, the transition can be a lot easier and help you maximize your benefits. Bid management platform.

Quick and easy submission

With SMP, your submissions get faster and faster. Once your customer data is captured, it's simple to roll out additional policies and proactively renew them, increasing customer retention and giving you more time for more important tasks. Get on the train quickly

With comprehensive quote management platforms, introducing new agents is easy. Instead of spending precious time learning the class code, you can ask your new employee to enter the customer information into the system and the system will automatically find the right class code. By helping them learn, you are more productive.

Increase efficiency

In addition to quickly introducing new employees into your business, bid management platforms help increase the efficiency of your business by providing a set of tools and features that eliminate or reduce tasks. iterative, helping you understand your books of transactions and grow your business. 

The key to streamlining the process 

Technology adoption and adoption are key to streamlining business quote processes in the insurance industry. It has become an integral part of the business of many insurance agents and wholesalers, with some groups reporting that they no longer process paper quotes.

Additionally, the bid management platform allows for seamless integration with many other systems. Examples: AMS, CRM, marketing automation, and lead generation tools. This integration saves time and money by reducing administrative tasks like email tracking and marketing campaigns. Typically, agents who have used a submission management platform have seen a significant increase in new business volume without the need to hire additional staff to manage the new business.

Furthermore, this time saving gives businesses more time to focus on activities that actually generate revenue and improve market share. An SMP is designed to help users manage administrative tasks related to managing and submitting policy quotes. Some platforms are customizable, allowing them to brand their own and better personalize the experience.

Commercial insurance is a highly competitive industry with lots of risk. This is why the commercial insurance market needs a quote management platform. 

5 GREAT SMPS USE CASE 

#1 Independent agents

Independent insurance agents have long struggled with the repetitive and time-consuming steps of providing business quotes to corporate clients. Quote management platforms reduce or eliminate these tasks, ensuring trading is both efficient and simple. Dealers have an understanding of their business book. They also have the opportunity to grow their business by selling online through their SMP. 

#2 Wholesale insurance brokers

Wholesalers are caught in the middle of the carrier-agent relationship and have little say in the bidding process. An SMP puts the wholesaler in the lead by centralizing the submission process to create transparency among all stakeholders. In addition, SMP makes it efficient to streamline large volumes of monthly submissions without increasing operational costs. 

#3 Agency networks

Dealer networks spent unnecessary money building proprietary scoring software only to later discover that the maintenance costs outweighed the benefits. SMP not only offers multi-carrier reviews, but also features like automatic cross-selling, instant quote business book downloads, and quote landing pages for policyholders – no maintenance costs . 

#4 Carriers

Service providers save hundreds of hours each month by getting accurate, complete applications online. Additionally, these digital apps are mapped in such a way that insurance companies don't have to ask additional questions about insurance appraisals. And as a result underwriter morale improves as they can apply their underwriting knowledge to higher risk or more complex quotes. 

#5 Embedded Insurance

Built-in coverage options are nothing new. Take, for example, travel insurance. Customers buying airline tickets often have the option to seamlessly add travel insurance to their ticket purchase without leaving the airline or booking site.

The same process can be used for corporate customers. Everything from payroll companies to commercial banks can add an integrated insurance option through a quote management platform to their existing products. Deliver value to their customers, increase their own revenue, and gain valuable market insights. 

SMPS IS THE FUTURE OF US INSURANCE 

Change in the way the commercial insurance industry operates is happening, albeit slowly. And given the length and history of the insurance industry as a whole, quote management platforms are still in their infancy. However, for wholesalers, resellers, technology providers and carriers, realizing that the landscape is changing is the first step.

The digital transformation of the commercial insurance space, especially with the advent and growth of quote management platforms, will allow insurance agents to focus on their core competencies. , while increasing efficiency, providing a holistic view of the business, and eliminating the need for redundant processes and processes. mission. .

As the industry moves towards a digital future, it is important to have a bid management platform that can keep up with the changing needs of the market. These platforms solve many of the problems the industry has suffered for decades and allow them to focus on their customers. The commercial insurance industry will be able to provide its customers with the best possible customer service and experience, while providing them with the digital experience they have come to expect. 

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SMP TABLE – 4 TYPES OF ACCESS 

Different SMP Access for Different Insurance Businesses

The Talage platform offers four types of access to our bid management platform. Independent resellers, wholesale brokers, service providers and technology partners. Each team has its own characteristics and we have tailored each solution to the business model and business needs. 

#1 Independent Agents or Agencies

For freelance agencies, the submission management platform should be easy to use. Most resellers don't need highly customizable options or complex set of features and tools. Resellers on our platform have access to a centralized hub, a powerful quote engine, cross-selling and reselling capabilities, and a digital storefront. Click here to learn more about Talage's solutions for independent resellers. 

#2 Wholesale Brokers and Brokerages

Wholesale brokers need a more customizable bid management platform that can handle high volumes and scale to their specific needs. The need to strengthen their organization to provide better service to customers makes Talage SMP the ultimate solution.

A quote management platform can help them automate many processes in their workflow, such as automatically generating quotes for leads, scheduling follow-up with leads, and sending reminders about upcoming deadlines for bids or proposals. Click here to learn more about Talage's wholesale solutions. 

#3 Carriers

Talage has developed the Insurance Portal - a customized solution specifically for insurers. We leverage data to give you both an overview and a detailed view of your position in the market. Never before has your data been so easy to read with powerful analytics to help you make data-driven decisions. Click here to learn more about the Carrier SMP solution. 

#4 Technology Providers

For technology provider partners, we offer a preset version of the submission management platform. Whether you are looking for an integrated solution to access over 30 operator logins based on our API or want to take advantage of built-in insurance technology to provide instant trade quote option in addition to your other products, Talage can manage and support your business. Click here to learn more about Talage API Partner Solutions. 

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