How Insurance Brands Leverage CPQ

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Insurance Policies

Insurance is undoubtedly an essential part of our lives. In particular, health, home, and car insurance are crucial when it comes to protecting yourself against the unexpected. Of course, the insurance industry itself can be a complicated space to navigate. For something like car insurance, especially, there is such a varied array of options, as well as laws for minimum requirements, that vary on a state-by-state basis. It can be difficult to determine the exact amount of insurance you need, and nobody wants to be paying for more than they will ever use. This is why CPQ software can completely change the insurance industry as we know it.

Why CPQ?

Finding the right insurance policy for your exact needs can be difficult. Many insurance companies offer a wide variety of options, but insurance policies weren’t often able to be customized until recently. Now that buyers are making it known that they won’t pay for more than what they need, insurance companies are realizing that their current sales processes need to be updated. This is where CPQ comes to the rescue.

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You may be wondering: what is CPQ, and how does it apply to insurance? CPQ is an acronym for configure, price, and quote. CPQ software is an incredible resource for sales teams dealing with complex products. Insurance sales reps know how complicated some insurance policies and packages can be, which is why CPQ integrations are a great way to streamline this process.

Using CPQ software simplifies the sales cycle and allows buyers to create an insurance bundle that’s the right price for their budget. A product configurator allows for an error-free quote process and can help your sales team tackle inefficiencies within your sales channels. CPQ also functions as a CRM platform by offering increased visibility of product configurations and the automation of administrative tasks. CPQ makes it easier for sellers to give accurate quotes for complex insurance products, and it streamlines the renewal process for previously configured products.

Comparing Car Insurance Policies

Many auto insurance providers offer sales tools that allow users to compare insurance terms between different companies right on their websites. The only issue is that many of these tools lack the ability to configure and customize the product they’re comparing. When it comes to auto insurance, you want to know the type of coverage you’re looking for, and you want to make sure the claim comparisons are unbiased. iSelect offers a comprehensive car insurance policy comparison tool that is transparent and accurate. With this tool, you can quickly compare insurance companies and auto insurance policy quotes. With just a few clicks, users can see which comprehensive insurance policies have both the required and optional coverage options they need.

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When it comes to auto insurance, you want collision coverage or comprehensive coverage that will protect your car’s value. Finding the right product for your specific situation is so important because insurance companies make it easy to end up paying higher deductibles and monthly payments. You can utilize iSelect’s insurance tool solely for informational purposes, but it’s also helpful for finding the right product at the right price.

The tool clearly lists insurance companies and the policies they offer, along with the exclusions, average cost, and deductibles. If you’re unsure about the type of coverage you need for your own vehicle, iSelect can help you find the right auto policy easily. Before you get involved with an insurance company’s sales reps, you can research with the help of iSelect, so you’re prepared and can make an informed decision. Auto insurance is a must-have, so you want to make sure you’re knowledgeable on the topic to avoid potentially paying way more than is necessary.

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