More than 180 class-specific questions have been removed in Quick Quote, speeding up the quote process while improving accuracy in binding and policy issuance. Agents no longer need to obtain documents from an applicant via email, phone call or USPS. They also don’t need to look up information in databases or key in data.
“Every business is unique, and agents need to know the right questions to ask so they can provide the proper coverage,” says Becky Pinto, president of Arrowhead’s Workers' Compensation Program. “Quick Quote has removed the complexity, making rating, quoting and binding much more streamlined.”
Much of the data required to price and underwrite a workers compensation policy exists in the public domain — on company websites, through Google search and from rating bureaus. Arrowhead’s innovation team identified data that could be imported without having to request it from each applicant. The team built a model relying on automated data aggregation without any human intervention. The model is paired with responses to a dynamic question set, so the risk criteria can be compared to the carrier’s filed rating plans and underwriting guidelines. Producers can communicate with the system in the way that’s most convenient for them, via an application programming interface, or API.
“The producer logs into our portal, Arrowhead Exchange, to select applicable class codes, locations, experience mods and ownership of risk. If those selections fit our carrier’s underwriting parameters, the API returns the questions to the producer to complete,” says Doug Noone, vice president of digital product. “After receiving the producer’s submission, the tool produces a quote and the producer can bind the account then and there — in just minutes.”
“This is another example of Arrowhead’s commitment to continually innovate,” says COO Tom Kussurelis. “Arrowhead doesn’t invent the technology. Instead, we’re constantly looking for innovative offerings from insurtech, bringing them into the fold to increase efficiency, reduce expenses, better serve our producers and bring profit to our partners.”
About Arrowhead General Insurance Agency Inc.
Headquartered in San Diego, Arrowhead General Insurance Agency Inc. is one of the largest national insurance program managers for commercial and personal products in the U.S., with $1.3 billion written premium in 2019. Arrowhead's relationships with over 20 top-ranked insurance carriers provide stability for its nationwide network of producers. Arrowhead is a subsidiary of Brown & Brown Inc., ranked by Business Insurance magazine as one of the 10 largest global independent insurance intermediaries.