Application Time; "How Quick Are You?"

[Davis B]

Hi Friends,

Quick question from a PC Student (studying for exam now)

ON AVG (with the prospect on the phone);

1. How long does it take to complete an application for Home owners?
2. ...or auto?
3. (i'm talking inputting the critical figures)
4. To Final Quote to prospect?

I'm thinking about 10-15mins (but what do i know?)

PS. I know that closes them is a different story, but was curious. I'm studying for the exam remotely, and located in a small town so i don't have anyone to bounce this off of.

Appreciate the Help!

Thanks very much!

 

[Gulfman]

Hmmm...interesting question.

I don't have the answer either but, i'm thinking it has something to do with who you quote the coverage with.

*I could be wrong but i don't think there is one "interface" where you can submit 1 application and get quotes from several sources.


*I'm sure someone knows here.

 

[BigSteve]

Hi Friends, Quick question from a PC Student (studying for exam now) ON AVG (with the prospect on the phone); [*]How long does it take to complete an application for Home owners? [*]...or auto? [*](i'm talking inputting the critical figures) [*]To Final Quote to prospect? I'm thinking about 10-15mins (but what do i know?) PS. I know that closes them is a different story, but was curious. I'm studying for the exam remotely, and located in a small town so i don't have anyone to bounce this off of. Appreciate the Help! Thanks very much!

I think this something that you are way over thinking. Each carrier is different, each carrier system is different. Are you using a comparative rater? How fast do you type? Do you have all pertinent info? How fast is your internet/computer? How crappy is the carrier's system? Are you using a broker?

Some carriers take me 10 minutes, some take 45 minutes.

 

[Gulfman]

...

Some carriers take me 10 minutes, some take 45 minutes.

There you go. Big Steve knows what hes talking about.

I thought it must relate to each carrier interface, etc.

I think the more important question is....can you close after getting the quote!

 

[Verbgravy]

First, contrary to your title, it appears you're asking how long it takes to quote someone, not to bind an application.

Any halfway functional independent agency is using a rater ala EzLynx or similar. Just returning a quote on a single line should take less than 15 minutes. I can quote a standard auto/home package in lessthan 15 minutes.

You plug the info in to your rater, get rates back from your carriers, identify the 2-3 you want to look at, bridge to the site, run clue, mvr, etc, verify your rate, and done.

 

[Heather]

I type the info into the rating system and tell them give me 10-15 minutes I will call you right back.

Sometimes its less sometimes more. If its turns out Progressive looks good it will be 5 minutes now if Mercury looks good that company takes forever to navigate all the screens and actually get a quote that could be like 20 minutes.

 

[marindependent]

I agree that the question is How Fast to Quote. Fast Faster Faster still.

If its a typical situation in your patch, you can do it in like 10 minutes. For more complicated work it can take a long long time. You know the pool with no fence and two losses.

 

[Placementkid]

When I was in Personal Lines, I had a quick info sheet that I used. It allowed me to gather the information and then go out to market. I would say that it generally took me around 30 mins once I got someone on the phone. Whatever info they didn't have, I would email them after with what I needed and also offered for them to txt me a picture of the vin #, so we weren't playing the accuracy game.

 

[marindependent]

One thing of note to a new student is that "as you specialize" your turn around time will become faster and more accurate.