With over 280 entries from 17 markets striving for the 6th Asia Trusted Life Agents & Advisers Awards, InsurTech firm Surer emerged as a worthy finalist in the InsurTech of the Year category. In this interview with Surer co-founder Derren Teo, we find out how Instant Quote Marketplace helps general insurance intermediaries maximise efficiency and time.
On the cloud-based platform, Surer users simply need to fill up a proposal form once to receive multiple quotes from the insurers. This frees up more time for the advisers to service their clients, and reduce time spent dealing with administrative work.
This also means that insurance companies can leverage the platform as a distribution channel for their products and direct their focus to recruitment efforts.
Connecting intermediaries and insurers in one place
Built solely for intermediaries to connect with insurers to get quotes within seconds of submitting a proposal for the insurance products, Surer launched the Instant Quote Marketplace.
Joining the launch, Chubb Insurance Singapore will be the first insurer onboarded on Surer's Instant Quote Marketplace. Intermediaries can generate quotes instantaneously for Chubb’s Simply Home Enhanced and PAL Protect products.
With more insurers coming onboard to place their products in the marketplace, the Surer Instant Quote Marketplace will be a vibrant platform for intermediaries to view products suitable for their clients and get quotes from it.
According to Derren, intermediaries like financial advisers who can source quotes from any insurers, now have one single platform to get multiple quotations – this will help enhance their efficiency. Behind the seamless framework of the marketplace, the ecosystem of Surer is built on driving network collaboration amongst all parties in a deal to complete it 10 times faster.
He said, “This is what excites us the most – the power of the collective when everyone works together.”
“Intermediaries have easy and quick access to product options and quotes; insurers have a platform used by highly efficient intermediaries which then helps them in product distribution and sales force recruitment. Most importantly, the ultimate winners are the policyholders – they can now have a supercharged intermediary advise them,” Derren added.
The next big thing in insurance
Derren said, “We shared in a previous interview with Asia Advisers Network that we believe general insurance and, more specifically, commercial insurance to be the next frontier for insurance. In various reports, including one by Ernst and Young, commercial insurance is set to grow by 70% in the next 10 years, to a $1.6tn industry. And this has been backed up by various insurers in public speeches at webinars and forums.”
Commercial insurance is a line that requires advisers to be the middle party as it is not something that can be easily sold to the end consumer directly, given the complex nature of these products. As such, many life insurance agents and advisers let go of such opportunities due to their lack of understanding of general insurance or a lack of time with quote sourcing.
Derren said, “The Instant Quote Marketplace will help advisers solve the problem of ‘expertise’ and ‘time’ so they can capture such opportunities. Advisers can now start to grow a new area of business for themselves in this space but without having to worry about the hassle that comes with it.”
Not a Surer user yet?
Image by Surer
In collaboration with Surer, Asia Advisers Network readers can find out more about this Instant Quote Marketplace by clicking here and request for training via the form on this same landing page.
To access the marketplace, intermediaries will need to sign up for a Surer account. Click here for a free trial.
Stay tuned and join us for the virtual Awards night to find out if Surer will emerge as InsurTech of the Year 2021.
The Awards is organised by Asia Insurance Review and Asia Advisers Network with LIMRA as co-organiser.
Asia's life insurance industry celebrates wide spectrum of awards finalists
Singapore: Surer launches marketplace for instant insurance quotation
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