Insurtech Canopy Connect, an insurance verification technology provider, launched solution for insurance agencies that addresses gaps in the insurance quoting process.
Canopy Connect Insurance Data Intake Platform brings together Canopy Connect’s core consumer-permissioned insurance verification technology and complements it with forms, document upload, and data enrichment.
Insurance agents can rely on a single platform to collect and verify insurance data.
Many insurance agencies lack a standard intake process to properly advise their clients. They rely on antiquated intake forms, having their client fill out dozens of fields on their own, or they collect the information over the phone. The data is unverified and often incorrect.
The intake step of the insurance quoting process is cobbled together, lacks consistency, and is operationally ill-defined
Ray Huang, senior director of marketing at Canopy Connect
“With verified data coming in directly from the carrier, you know it’s accurate, whereas a typical intake form or phone call is limited to a client’s understanding—or misunderstanding—of their policy,” says Ray Huang.
Larger insurance agencies depend on rigid processes to get the information needed to advise and quote a new client. They know that a declarations page has most of the policy information.
However, they often underestimate how much time it takes a client to find and send the right documents. Agencies will hire teams of people just to handle the process of gathering the data, then deal with double-entry to input that into their other systems. This takes massive amounts of valuable time and resources, and tends to still lead to frequent errors.
1.5 mn insurance policies have been shared via our consumer-permissioned infrastructure
Tolga Tezel, founder and CEO at Canopy Connect
“Adding customizable forms, document uploads, and data enrichment options makes this a complete insurance data intake solution for our 3,000 insurance agency customers,” says Tolga Tezel.
How the Insurance Data Intake Platform Works?
Insurance agents can easily send a custom link to a prospective client to start sharing their personal or commercial insurance information. This can be manually sent, but more often is triggered via an automation following a quote request.
Clients simply select their insurance carrier and sign in with their carrier credentials to share their verified insurance information with their agent.
Prospects can now alternatively upload their declarations page and other documents. Canopy Connect’s new DecSight accurately extracts the underlying information in a declarations page and structures it into usable data.
After the initial submission, prospects can now be presented with a customized form to verify or gather additional information that you wouldn’t get from the carrier.
Insurance agents will have a view of a prospect’s insurance profile—including policy data, declarations pages, and other documents, contact information, drivers, vehicles, enriched property and building data, claims history, commercial loss runs, and more.
Agents can further enrich the profile with household information, driver’s license numbers, and driving records.
Canopy Connect’s insurance data intake platform connects with more than 300 insurance carriers and is integrated into the most popular comparative raters, agency management systems, and CRM systems.
