Life insurance quoting software that every agent must have

In 2017, there were almost 56 million deaths in the world. The great research by Our World in Data shows that 2.3 million or slightly more than 4% of deaths were related to road accidents, homicide, drowning, fire, conflicts, heat-related issues, terrorism, and natural disasters. From 1990 to 2017, the total number of deaths increased by 20%. 

Life insurance is in high demand now. Insurance services expand to developing countries while the first-world population increases its wealth and opts for personal protection. Underwriters face a constantly growing number of customers, respectively. And here comes life insurance quoting software that speeds up the processing of requests, simplifies data access, and leads to a better experience.

Generally, the protection of life isn’t the most popular type of insurance. Clients tend to choose health policies, insure their property, get travel packages, etc. It’s in our nature to avoid thoughts about death and all the related stuff. But life insurance is useful, really. As an ordinary man or woman, you want to help your family in case of an accident. It’s especially true for breadwinners. As an insurance agency or broker, you want to show people why it’s important to get a policy. And proper software can help in this case, undoubtedly.

More about insurance software:

5 tips to develop brilliant insurance policy management software

Life insurance quotes and the market

To understand the market state, take a quick look at the research by III. It mentions that 60% of Americans were covered by life insurance in 2018. It’s interesting that 1 in 5 insured persons said that they weren’t satisfied with the coverage amount.

Moreover, almost half of all adults in the USA looked for life insurance last year and one-third purchased or tried to get the policy online. It means that customers are interested in life insurance quotes that can be provided via elaborate software modules.

If you want more insights, be sure to check the next figures. Provided by The Insurance Barometer 2018, they represent key reasons to get a policy (91% opt for covering burial expenses) as well as reasons not to do this (with 63% focused on high cost and 61% – on other financial priorities).

You see that potential clients want to get money for funeral-related expenses, protect families from lost income, and leave an inheritance for descendants. Simultaneously, American citizens think that it’s too expensive to buy insurance. Actual rates depend on age, health, and insurance policy type. Thus, apps for agencies should consider these points.

There are two main life insurance types: a permanent one that pays benefits regardless of the time of death and a term one that features specific periods like 10 or 20 years of coverage. Depending on the type, you may be interested in certain software functions. Let’s talk about them in more detail.

Basic and advanced modules for quoting software

Well, first and foremost, let’s reveal which functions are required and recommended for life insurance quoting software at all. It doesn’t matter which types of policies you deliver and with which carriers you cooperate. Think about clients. A regular visitor looks for a comprehensive tool that calculates all rates and shows the most relevant quote without too long a registration process. Simultaneously, agencies want to convert as many leads as possible.

To meet both goals, a good life insurance quote widget should have the following modules:

• Calculator. A convenient tool with fields like mortgage and other debts, inheritance, and various life/health points. Gives insights into the most appropriate total coverage.
• Chat. The best thing for modern clients who don’t want to use a phone or email. Hire an operator or develop an AI-based bot to answer questions in real-time.
• Comparison. If you opt for a multi-carrier strategy, be sure to add a catalog with comparison tables. It will help users to evaluate quotes without registration.
• CRM. It’s a more advanced tool that may be useful for professional agencies. CRM solutions facilitate customers’ data storing, exchanging, and updating.
• Health rater. A module that simplifies quoting and removes needs in healthcare intermediaries. With it, a prospect can specify his/her health problems.
• Mobile app. It is not a separate module but a highly recommended feature. Applications for smartphones and tablets allow people to access your quoting system more easily.

Want to learn about health insurance quoting software?

Functions for a term life insurance broker

Moving to exact insurance quoting tools for agents, there are a few crucial modules for teams that provide term-life policies. Firstly, check the most popular time frames:

• 10 years
• 15 years
• 20 years
• 30 years

Some carriers also offer annual renewable policies. They may be suitable for people who aren’t sure about the future and want to get more flexibility. Below, you can check the average costs of each policy type.

Basically, you want to deliver accurate quotes divided by terms. Filters and sorting tools would fit the quoting system perfectly in this case. Also, it’s clear that a term life insurance broker should be ready for renewals. Thus, a complex client catalog with relevant and regularly updated info is a must. Finally, more powerful CRM systems can help brokers design personalized strategies with quick responses to any request.

Functions designed for a permanent life insurance broker

Unlike term life insurance, this category provides for once-and-for-all coverage. Just sign a contract – and your relatives or close ones will get benefits regardless of your lifespan. Thus, applications for brokers with permanent policies should focus on lifelong cooperation with each client. Consider the cooperation as consultations with a family doctor. While term life agencies are more about changes and updates, permanent life ones opt for stability and knowledge.

It means that you should prioritize data safety over complicated filters, for instance. Satisfied clients will be with your team for many years, so they will pay monthly fees regularly. Thus, CRM platforms will be useful, too. When it comes to quoting itself, you should ensure that leads don’t need other companies. Polish the software, create a perfectly user-friendly interface, and base quotes on comprehensive info so people will trust you.

You might be interested in the following insights:

How to gain a competitive advantage in the insurance sector through digital channels
How insurance companies can improve customer experience with a mobile app
How to create an excellent CX and scale revenue growth for insurance companies

Creating a life insurance quote widget

Let’s move to the development itself now. Quoting apps represents one of the simplest dev approaches, but they require accuracy, as well. To deliver the most relevant quotes, your insurance quotation system must collect and analyze data from each prospect carefully. It’s a hard trick if you don’t want to put registration forms with long surveys.

To create a good application, you may want to deal with a dedicated tech team. Instead of vendors that sell premade tools, custom developers focus on the software made from scratch. They can implement all the features you need in the most efficient way. Obviously, none of your competitors will have access to this platform without your consent.

Thus, let’s look at how dev companies create life insurance quoting software.

Main development stages of life insurance quote software

Most likely, you will find a tech team that works in accordance with Agile principles. Put it simply, this approach stands for subsequent iterations or sprints during which developers focus on one or a few features. Each sprint has the same structure:

1. Define requirements. Get initial tasks from the client and plan the entire development process during a given sprint. Focus on these tasks only.
2. Add functionality. Code and create features, actually. There may be several dev parts inside one iteration because of different requirements.
3. Integrate and test. Deploy the designed features via a testing environment. Find bugs, fix them, and ensure that everything works fine.
4. Release. Install the modules or add the functions to an MVP or a fully functional product. Let clients use this stuff.
5. Get feedback. Wait for the reviews from customers. Employees should deliver their vision, potential issues, and next requirements.
6. Make the necessary changes. Fix everything or modify the software. After this, you can start the next sprint. When everything’s OK, release the product.

Apart from just tech processes, custom developers can also handle other stages of interactions. For example, you can ask for prior market analysis, training courses for new users, or lifelong maintenance. These services are often considered as parts of the dev process, so custom agencies usually offer them.

Benefits of outsourcing development

The choice between in-house and outsourced IT departments may be pretty tough. On the one hand, you always have control over your own workers. However, it’s much easier to find the required professionals with moderate rates outside the company and the country.

Basically, we suggest opting for outsourcing whenever possible. SMBs can benefit by saving on costly internal IT teams, while enterprises can delegate secondary tasks to focus on the most important processes.

The benefits of outsourcing life insurance quoting software development are as follows:

• Focus on key areas. As external teams will work on their tasks, your own employees will be able to handle management, marketing, customer relations, and the company’s development questions.
• Get access to demanded skills. The world is huge. By expanding your search for workers, you can hire the right people way faster. It’s obvious that the most qualified persons from the USA are already employed, while Ukrainian or Indian devs are still looking for a job.
• Look outside the box. In-house experts know the company perfectly, but they lack a fresh vision. Outsourcing partners can help you to mitigate risks, find new solutions, and pay attention to crucial moments that you can barely notice.
• Reduce time and money expenses. Mainly, outsourcing lets you save on salaries, offices, HR processes, and so on. With partners around the world, you can run business round-the-clock and sign strategic partnerships quicker.

Check out our healthcare software development expertise.

Getting unique solutions from our team

Finally, we want to take a pause and promote the company featured as a top dev team by Clutch. In DICEUS, our software engineers and market experts work hard to create the most polished applications for various industries. Also, we can create a nice life insurance quote widget. To start, you only need to contact us and get your first consultation.

According to the brand’s principles, we follow the mentioned Agile methodology and list only quote-based prices. This means customers can reveal the final product’s price after agreeing on features, delivery time, and extra services. During the development, we regularly ask for your feedback to keep on track and design what you need.

And, surely, we are for custom projects only. Make it from scratch, re-engineer legacy apps, update the software – ask us and get the job done.

FAQ

In this part, we quickly remind the core points of the article. The info isn’t exhaustive so feel free to ask our experts in case you still have questions.

We also develop other software solutions, e.g. accounting software for insurance brokers.

The bottom line

The life insurance industry should be attractive for carriers, agents, and brokers today. It features a huge audience, including uninsured and underinsured persons from different countries. With fine insurance quoting platforms, you can attract new users constantly because they will look for personalized quotes. Respectively, they will buy policies, and you will get revenue. This is how the market works. And this is how you can succeed.