What makes insurance software conversion friendly?

What Makes Insurance Software Conversion Friendly? 

/ 7min read
Posted in: Blog

In today’s fast-paced digital insurance landscape, having the right technology is a necessity. As policyholders demand faster, more intuitive experiences, insurers, MGAs, and brokerages must rethink how they guide prospects through the insurance customer journey. Conversion friendly insurance software can help. 

Designed to streamline the quoting process, reduce friction, and boost policyholder acquisition, conversion friendly insurance platforms transform how insurance businesses attract and retain customers. In this article, we’ll explore what makes insurance software truly conversion friendly, why it matters, and how to choose the right tools to optimize your insurance funnel from lead to loyal client. 

What is Conversion Friendly Insurance Software? 

Simply put, conversion friendly insurance software is designed to help convert leads into policyholders. It can help carriers, MGAs and brokerages optimize their sales and customer acquisition process, better enabling your staff and/or broker partners to write business and service clients. The process of converting a lead into a customer should be made as easy as possible with conversion friendly insurance software, while maintaining underwriting requirements and ensuring data accuracy.  

Why Having Conversion Friendly Insurance Software Matters for Insurers, MGAs, and Brokerages 

Having conversion friendly insurance software means staying competitive. The faster and more effective brokerages, carriers and MGAs are at converting leads to customers, the better. There are also rising customer expectations for digital experiences, customer service, and self serve options that are supported by conversion friendly insurance platforms. 

Issues with Legacy Insurance Software 

Legacy software has often struggled with conversion. Many legacy broker management systems and policy administration systems have cumbersome processes, making it more difficult for the customer and staff to convert into paying policyholders. This includes: 

  • Clunky interfaces 
  • Inability to offer self-serve quoting and/or policy issuance 
  • Duplicate entry 
  • Manual processes 
  • Difficulty changing products and workflows quickly – and it often requires costly development 
  • Lack of lead management tracking 
  • Lack of real-time data and analytics like conversion metrics and customer behaviour 
  • Limited integration with customer relationship management (CRM) platforms, lead management platforms, and sales and marketing automation platforms 
  • Limited integration with technologies like chatbots and SMS 

These limitations slow down the insurance customer journey and make it more difficult for insurers, MGAs and brokerages to optimize their insurance funnel and compete with more digital-first competitors. 

Key Benefits of Conversion Friendly Insurance Software  

The key benefits of conversion friendly insurance software for MGAs, carriers and brokers are: 

  • Increased sales 
  • Higher lead-to-policy conversion rates 
  • Reduced drop-offs in the quoting and application process 
  • Improved operational efficiencies through automation 
  • Improved customer satisfaction 
  • Better responsiveness to market 
  • Reduced manual processes and duplicate entries 
  • Reduced costs 
  • Better decision making with accurate data 

Features of Conversion Friendly Insurance Software  

Being conversion friendly means removing friction at every stage of the insurance customer journey. Your insurance software should include (or integrate with platforms that offer) the following features: 

  • Online quoting and policy issuance – Empower leads to self-serve and convert policyholders themselves.  
  • Well-designed broker portals – Enable brokers to easily quote, issue and service policies. 
  • Automated processes – Help reduce manual and duplicate work for staff and broker partners to improve operational efficiencies. 
  • Streamlined quoting and application workflows – Deliver fast, accurate quotes with pre-filled forms and minimal steps where possible while maintaining underwriting integrity.  
  • Real-time communication –  Chatbots, live chat, email and SMS communication tools can engage leads and move them along the funnel. 
  • Marketing automation and CRM integration – Automate follow-ups, personalize messaging, retarget leads and analyze campaign performance.  
  • User-friendly interfaces – Ensure intuitive navigation for staff, broker partners and self-serve customers. 
  • Mobile responsiveness – Provide a seamless experience across smartphones, tablets and desktops.  
  • Lead management and sales analytics – Track drop-off points, monitor funnel performance and measure sales effectiveness (or integrate with platforms that do). 
  • Product configurability – Quickly adjust or launch new insurance products.  
  • Document management and e-signature integration – Reduce delays in paperwork and speed up the sales process by allowing users to receive, sign and submit documents digitally. 
  • Activity and notification management – Provide internal staff or broker partners with real-time visibility into lead activity and set up notifications or activities to support the customer journey. 

Modular Solutions Is Conversion Friendly Software 

While it’s rare to find a single platform that checks every box, Modular Solutions comes impressively close. As an all-in-one insurance software platform, it offers many of the features listed above out of the box: 

  • Online quoting and policy issuance – We offer direct-to-consumer quoting and policy issuance through our Gateway+ Module. 
  • Well-designed broker portals – We enable brokers to easily quote, issue and service policies with our industry leading Gateway Module. 
  • Automated processes – Reduces manual and duplicate work for staff and broker partners to improve operational efficiencies through automation and configurable workflows. 
  • Streamlined quoting and application workflows – With configurable software, you can deliver fast, accurate quotes following your rules and rating engines. 
  • User-friendly interfaces – The Modular Solutions platform has intuitive interfaces for staff, broker partners, and self-serve customers. 
  • Product configurability – Quickly adjust or launch new insurance products without any code, enabling your team to have responsiveness to the market. 
  • Activity and notification management – Provide internal staff or broker partners with real-time visibility into lead activity and set up notifications or activities to support the customer journey. 

In additional to this functionality, Modular Solutions also offers seamless API integrations with trusted third parties through our Solutions Exchange. This expands the functionality of the platform to include payment processing, accounting tracking, data analytics, and so much more.  

This flexibility allows insurers, MGAs, and brokerages to build a tech stack that’s truly optimized for conversion, without compromising underwriting integrity or user experience. 

Conclusion  

Conversion optimization is critical for insurance software today to streamline the quoting process, reduce friction, and increase sales. Conversion friendly insurance platforms transform how the industry attracts and retains clients. 

Modular Solutions can help evaluate your current software stack and explore conversion-friendly solutions.

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