Prominent Insurance Provider Slashes Time to Quote in Half with Salesforce

Prominent Insurance Provider Slashes Time to Quote in Half with Salesforce

Client Success Snapshot

Client Profile:

  • Overview: A prominent property and casualty insurance provider
  • Industry: Insurance P&C
  • Team Size: 45,000+
  • Annual Revenue: US$ 43.796 billion
  • Headquarters: Boston, MA
  • Markets: Global

The Challenge

A global insurer was looking to transform its entire quoting platform, as it had begun to fall behind in terms of time-to-quote and broker experience. The organization was trying to manage its insurance premium calculations through Excel spreadsheets. As the company’s client base grew, rules and conditions for insurance plans multiplied. Excel became an unwieldy tool to use — causing unacceptable quote delays and frustration throughout its broker network.

Gerent's Approach

Gerent began by consolidating the insurer’s products onto a single Salesforce system. Specifically, all products were set up on Vlocity’s configure, price, and quote platform. Gerent also leveraged OmniScript to guide users through various sales workflows and scenarios. In addition, calculation matrices were applied to provide insurance premiums more quickly. 


Key Outcomes

OmniScript instantly provided brokers the best insurance options and supplied them with the right questions to ask. Before, the quoting process took five to seven days; now, brokers can enter prospect data into Salesforce and generate a quote in just 15–30 minutes. This resulted in a dramatic increase in sales and allowed the insurer to retain top brokers.


Client Success Story

In 2018, a global insurer was looking to transform its entire quoting platform. While the insurer remained a dominant player in the industry, it began to fall behind in terms of time to quote and broker experience. The root of its problem stemmed from the fact that it was trying to manage its insurance premium calculations through Excel spreadsheets. As the company’s client base grew, rules and conditions for insurance plans multiplied. Excel became an unwieldy tool to use — causing unacceptable quote delays and frustration throughout the company’s broker network.

To solve this problem, the insurer decided to pursue a Salesforce implementation. The goal was to create a single platform that would allow both clients and brokers to enter data and receive a quote as fast as possible.


Vlocity and OmniScript Bolster Efficiency

Gerent began by consolidating the insurer’s products onto a single Salesforce system. Specifically, all products were set up on Vlocity’s configure, price, and quote platform. Vlocity allows the insurer to capture a wide range of information to be used for insurance rating procedures. Calculation matrices were applied to provide insurance premiums automatically and near-instantaneously. Quotes can now be generated directly in Salesforce, where they are available to clients, brokers, and insurance providers.

Gerent also leveraged OmniScript to guide users through various sales workflows and scenarios. OmniScript instantly provides brokers the best insurance options and supplies them with the right questions to ask.

Near-Instantaneous Quoting

Before the company migrated its quoting and sales platform to Salesforce, producing a quote was extremely time-consuming and laborious. An agent would gather information from a client, import it into an Excel sheet, and send the sheet to the insurer’s quoting office so they could begin the underwriting process. 

Before providing the final premium, underwriters had to look at each factor that goes into pricing and apply rules and calculations manually. The process used to take five to seven days; now, brokers can enter prospect data into Salesforce and generate a quote in just 15–30 minutes. This resulted in a dramatic increase in sales and allowed the insurer to retain the most talented brokers. 

‍‍Contact Gerent today to find out how we can help your business achieve its ideal future state!

Ready to reinvent the future?

Get Started

More from Gerent