Florida Peninsula Fuels Growth With a Faster Agency Portal
Client:Florida Peninsula Insurance
- Attract new business from independent agents by making it easier to do business with the company’s Web portal
- CSC’s Agency Link software, supporting real-time quotes and automated underwriting through a new agency portal
- Rapidly expanded homeowners business and improved customer retention by 5 percent
- Increased activity from 2,000 to 35,000 quotes a month
- Streamlined processes for submissions and endorsements
Unlike most traditional insurance carriers, Florida Peninsula is a relatively young company writing business in a single, somewhat risky market — Florida homeowners. In fact, a hurricane made landfall in Florida the week after the company acquired 35,000 policies from the state joint underwriting association.
As Florida Peninsula formed relationships with independent agents across the state and began growing the business, it became apparent that the Boca Raton-based company needed to invest in new technology to support its agency portal.
“The biggest reason we started looking around was we didn’t have the flexibility with the old system to drive change,” said Chris Chandler, director of Operations, Florida Peninsula Insurance. “We decided it was time to overhaul our Internet services to our agents. We had a fully functioning Web portal with online quotes and applications, but our agents were telling us that the online process was taking too long.”
More Quotes, Higher Retention Rates
Using CSC’s Agency Link software, the company launched a new, more robust Web portal with faster quoting, streamlined online applications, automated underwriting and a full range of other services. Since then, the company experienced a significant increase in quoting — from 2,000 to 35,000 quotes a month. With this increased quote activity came a surge of new business policies.
Even better, customer retention has improved by 5 percent since CSC began supporting the company’s agency and back-office operations. Chandler attributes the improvement to a number of factors such as easier-to-use technology, faster service, new branding and more professional-looking policy documents.
In rolling out its new portal, the company streamlined the quotation process so agents could get a quote in under a minute. If a quote is accepted, the information automatically rolls into the online application. The entire process has been reduced to five minutes or less by introducing more intuitive screens that help agents fill in missing information and correct errors as they go.
To give agents a real-time response, Agency Link and its automated underwriting tool let agents bind a policy right on the spot, and Florida Peninsula can mail out the new policy declaration to the insured the next day.
Saving Time and Money
In addition to submitting new business, agents can also complete endorsements online for their policyholders. Endorsements have similarly become an efficient electronic process. In most cases, endorsements can go through with no underwriting review. Agents can change addresses, mortgage companies and payment plans, or add and subtract coverages in real time. They can go online and attach supporting documents, make down payments and check on the status of policies.
Brent O’Quinn, owner of the Ormond Beach-based O’Quinn Insurance Agency, is a leading writer of homeowners business at Florida Peninsula. He has made the transition to Florida Peninsula’s new Web portal, and says he appreciates the savings in time — from 15 minutes down to 5 minutes.
Every extra minute spent getting a quote impacts agency staff, O’Quinn noted. “We’ve got 12 people who give about 650 quotes a month, and if you’re spending an extra 10 minutes on every quote, that comes out to 6,500 minutes — more than 100 hours,” he said. “That’s wasting a pretty good amount of my money every month. All agents tend to take the path of least resistance, like water flowing downhill. Florida Peninsula’s system makes it so easy; it encourages us to quote them more often.”
Sharing Innovative Solutions
In a relatively short period, Florida Peninsula has become an active member of CSC’s large client community.
“It’s been very beneficial for us to interact with other CSC customers and to hear about their implementation strategies, the products they’re working on and the enhancements they’re planning,” Chandler said. “Obviously we’re always looking for fresh and innovative ideas for our own systems, and we’re sharing what we’re doing, too, in hopes of improving products for our customers.”