How to Save Time & Increase Completion Rates on Auto Insurance Quotes

Insurance quoting is a highly data-driven exercise. Getting the information right is crucial for presenting an accurate, bindable quote for purchase.

Our clients are achieving these benefits by using Fenris Auto Insurance Enhanced Prefill, designed to help agencies:

• Save time
• Increase their completion rates
• Maximize sales

Save Time

Most insurance is sold by and through agents, with their involvement and guidance, and the typical auto insurance quote application can take 10-15 minutes on a call to fill out the form with the information required. This is a big investment of time and effort upfront to satisfy the carrier’s need for complete and accurate information for their rate calculation.

Smart agents who value their time and customers’ time will use an insurance data prefill service to supply the data inputs in real-time. This service reduces the total time to validate and quote to around 3-5 minutes and enables the agent to avoid subjecting their customers to what can feel like a lengthy and cumbersome interrogation. Instead, the agent can spend a few minutes building rapport with their customers while they find the best rate.

Stand out from your competitors with an accurate quote in less than half the time—a streamlined process that enables your agents to delight even more customers.

Increase completion rate

The sales funnel is a series of steps, and in insurance, one of the most critical steps is completing the application. Often, clients need to realize how much they can improve this key metric.

One of our large clients came to Fenris for help with their KPI for quote completion. The economics of 85% quote abandonment didn’t work. They needed more than 15% of quote starts to the finish line to justify their lead acquisition expense.

They implemented Fenris’ Auto Insurance Enhanced Prefill to turn that around, and A/B tested it over three months. The graph below shows the before-and-after impact on the completion rate, with the middle period being the blend of their A/B results.

Full adoption led to a 400% improvement in their quote completion rates. With every completed quote, they also improved sales and premium growth accordingly.

Sell more policies

Sales growth is the #1 goal for our clients and is directly achieved by increasing the number of policies sold and improving the average premium per policy. Fenris accelerates and streamlines accurate quoting, and agencies can see improvements in their conversation rates for monoline and bundled policies, leading. While there are additional nuances to profitable growth, with retention and chargebacks factoring in, we will discuss those in a separate blog post because Fenris also addresses this with its Predictive AI to more ideal topline sales.

While there are additional nuances to profitable growth, with retention and chargebacks factoring in, we will discuss those in a separate blog post because Fenris also addresses this with its Predictive AI services to optimize every customer interaction from quote to sale to renewal.