Buying Business Cover Online: Crossing into the New Frontier in Commercial Lines

Business insurance is simply too complex for direct sales to buyers, right? Actually, a few carriers, such as Hiscox, are seeing early success—and rapid growth—in going straight to insureds

In personal-lines insurance, particularly in the highly commoditized world of Personal Auto, carriers offering direct-to-consumer sales via the Web have achieved what the Independent Insurance Agents & Brokers of America (IIABA) characterizes as “unmistakable” success.

In its latest Property-Casualty Insurance Market report, the IIABA found that 1 in every 6 dollars in Personal Auto premiums comes through the direct-response channel.

To address this challenge, Capson began by redesigning the traditional, multipage Medical Malpractice application and creating a streamlined online form.

Once a physician submits the form, a premium indication is returned within seconds. If the physician chooses to accept the provisional premium, the carrier uses rules-based processing to automate underwriting and new-business workflow, shortening the underwriting process from weeks to hours and, in most cases, issuing the policy the same day.

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