New Business Opportunity
Access to new customer segments previously inaccessible because of lack of technical skills
Getting higher quality risks to the market and increasing reputation from the underwriter’s point of view
2.5% more commission
Earning an additional 2.5% commission from underwriters for providing risk underwriting information
40% cost effective
Up to 40% reduction in paperwork and customer acquisition costs
6 times increase in new business conversion rate
Following the training, a pilot sales team (2 sales men) of the client started using [VRS] 3 times a week during the past month.
Previously, the salesman could only get a risk engineer to visit a site once every 3 years since working with the agency. Their local agency profile was not high enough in terms of receiving priority treatment from the insurance companies. As a result, they were unable to benefit from the expensive value-added service that the insurers offered. The company was willing to pay 5 times more per site for the inferior quality conventional service. Getting a big competitior's risk consultancy service cost the local agent 20 times more than [VRS] service.
Besides, the inferior quality risk reports would not arrive for at least 2 weeks, whereas high quality risk reports are now delivered in real time. This allows the company to share the report with underwriting immediately and with the client within 2 days.
Having agents with real-time risk assessment skills and leveraging objective questions integrated into the system while also getting remote support from subject matter experts gave the company an edge in pricing in the highly competitive market. They were able to secure and retain 6 new businesses already in the testing phase. With an overall new business hit ratio of 15%, the company secured 100% of the new business due to [VRS].
In one specific case, before the risk went out to the market, the agent accessed the underwriting and risk information on the site by contacting a remote risk engineer without spending extra time on document collection. The embedded process in the application guided them to collect all necessary documentation and even place the risk before leaving the client’s site by sharing the auto generated report, risk score and alphanumeric & visual data with underwriting. Previously, the entire process would have taken at least 3 business days and require exchanging multiple emails and documents. The agent managed to close the sale within the same visit to the client.
The company also utilizes [VRS] as a leverage against competition to create a value-added service. In addition to benefiting from real-time remote support, the company offers value-added risk engineering services to help clients manage their risks with cost-effective results.