For nearly 30 years, Frazier Insurance Agency has provided sports and special event insurance to thousands of individuals and organizations. Frazier is a family business that prides itself on industry experience, unprecedented customer experience, and streamlining the process of providing coverage for customers hosting their special events and sporting events.
Most sporting and special event policies are small, inexpensive policies. All sporting events and other large gatherings should have an event insurance policy. That being the case, there is potentially a large volume of policies an insurance agency could issue; however underwriting these policies is not a very efficient use of an insurance agent’s time.
When an agent asks a customer all of the required questions and generates the insurance certificate, it takes a considerable amount of time, but not a lot of specific industry expertise. In other words, it would be the ideal task for an automated system to handle without an agent needing to participate. It would be a lot more convenient to customers, too!
COLAB quickly understood how digital technology could efficiently solve this business problem for Frazier Insurance, and provide an immediate return on their investment. It was the kind of solution COLAB provides for many of its clients — turning a business problem into an opportunity for growth and productivity.
Essentially, Frazier needed a form that customers could fill out by answering a series of questions about their event. Depending on their answers, the form would apply a predefined logic to adjust future questions based on the answers already provided (just as an agent would). After the customer completes all of the required questions, the app performs several calculations based on the answers to generate an insurance quote, which the app presents to the customer. If the customer wishes to purchase the policy, they simply agree to purchase it and provide their credit card information in the secured, encrypted form. Once the charge is approved, the app delivers the policy certificate as a PDF document to the customer’s phone, tablet, or computer, and their event is covered!
Selling Policies with No Overhead
The app makes purchasing special event insurance quick, simple, and easily accessible for all of Frazier’s customers — they can literally purchase a policy from their home any time, 24 hours a day, 7 days a week, whether the agency’s offices are open or not. It’s great for Frazier as well, because the process is fully automated and requires no support from an agent — a tremendous boost to their operational efficiency and an immediate return on their investment.
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