The Agent Wholesale Platform allows agents to launch a white-label virtual insurance agency
Building on its alternative distribution focus, Boston-based insurtech Bindable announced this month the launch of a brand new product – its Agent Wholesale Platform. The platform, designed with the independent agent in mind, allows agents to essentially launch their own virtual insurance agency allowing them to access and sell insurance products ‘online, over the phone, or in-person.’
“Our focus has always been to continuously drive innovation in the insurtech industry. We’re proud to have created digital tools so that agents and their carrier partners can achieve more growth and better customer retention through product diversification,” said Bill Suneson, CEO, and co-founder of Bindable in the company’s official announcement. “With a virtual agency, they can do just that, and initiate more efficient transactions with consumers online or over the phone.”
More specifically, the Agent Wholesale Platform is a white label insurance marketplace, essentially allowing agents and carriers to offer ancillary insurance products such as pet, legal, and home warranty insurance without any disruption to an agent’s auto and home insurance ‘flow.’ Bindable believes that an agent’s use of its new Agent Wholesale Platform can result in higher commissions and enhanced cross-selling abilities for agents, as well as better service for their customers.
Digging deeper into the details on exactly what the Agent Wholesale Platform offers an independent agent
Having profiled Mr. Suneson over the years, Agency Checklists was intrigued by this new product and figured our readers might be too. As a result, we emailed Mr. Suneson to see if he could provide some more detailed information about Bindable’s new product. Here are his responses:
How did the idea for the Agent Wholesale Platform come about?
We initially built our core platform and suite of digital products to enable large brokers and carrier agencies to more efficiently offer marketplace solutions to their affinity groups and customers. We had some interest from independent agents but COVID-19 changed everything and accelerated the need for digitization. Consumers are transacting more online and expect access to digital products. We wanted to come up with a way for independent agents to seamlessly access and sell ancillary insurance products online, over the phone, or in-person.
What type of agent are you targeting with this new product?
We are big believers in the role of intermediaries and independent agents are clearly leaders in this capacity. Our goal is to partner with agents who are seeking to diversify their customer acquisition and cross-sell, and whose retention strategies include digital expansion. The marketplace is also available to sponsoring partners such as insurance carriers and independent agent networks so they can provide digital tools that can help with cross-sell to their customers directly or on behalf of their agents.
What exactly does it offer an agent?
The platform allows agents or sponsoring organizations to quickly launch their own white label virtual agencies so customers and prospects can seamlessly purchase ancillary insurance products such as pet, travel and home warranty online from a source they know and trust. We also plan to add more products over time and will prioritize those that are natural cross-sells to both auto and home. Cross-selling is key for agents to retain customers and prevent their core auto/home customers from seeking these products through providers directly.
It also includes a modified version of Policy Crusher ®, our proprietary SaaS platform and CRM that enables agents to offer these products in-person or over the phone without the need to seek multiple wholesale specialists. A carrier can also provide this tool as a service for their agencies – a win-win for both, as the carrier becomes even more attractive to the agent and the agent can acquire more business with a streamlined and convenient platform.
Can larger agencies that do brokerage use the Agent Wholesale Platform for selling through their brokers?
Yes, we’ve built the platform to help modernize the wholesale distribution process and believe brokers can benefit from a more efficient digital experience.
How long does it take to launch the Agent Wholesale Platform?
Typically it takes us about 60 days from the initial kick-off call to launch a new partner.
Can it be tailored or branded to look like the agency’s own website?
Yes, the Agent Wholesale Platform is a white label insurance marketplace that is branded for the agent or can be co-branded with a sponsoring carrier, network partner or adjacency such as a credit union or local bank.
Does the agent need their own products or are they selling products that you have contracted to sell for carriers?
They are selling products that we’ve contracted for and integrated into the platform. We are not including core auto and home products with the wholesale platform and instead are focusing on ancillary benefits that agents would not generally get appointed for directly. In some cases, our carrier partners may require the selling agents to be sub-produced.
Can agents add their own products to the Agent Wholesale Platform?
We provide a link back to the agent’s primary website to access other services and also provide digital lead forms in case consumers seek products not included so the agent can follow-up directly. If a sponsoring carrier wants to include their own products, they can add them through an API integration and broaden the partnership.
What about agents who have already invested in an online presence, how can they use Agent Wholesale Platform in tandem with their existing platform?
We do not wish to replace the core technology investments agents have made to establish an online presence nor do we want to disrupt their rating or agency management systems. We are keenly focused on helping them grow by cross-selling with digital tools.
What is the pricing for this new product?
Our pricing is proprietary and we work directly with agents to establish a target financial model. If an agent can’t break even within 18 months, it probably doesn’t make sense for them to make the direct investment. We believe the sponsoring carriers or networks have the scale and efficiencies to make this work for smaller agents.
Why should an agent consider adding this to their website in your opinion?
Their customers are purchasing ancillary products from competitors who are likely offering core auto, home and life benefits as well. Additionally, the new marketplace will result in higher commissions, enhanced cross-selling abilities and an overall better experience. Consumer behavior is evolving — customers want automated, digital options when it comes to purchasing insurance. The Agent Wholesale Platform enables agents and their carriers to support and provide transactions online while giving agents the tools to offer these products in-person or over the phone.
Can agents sign up or contact you for a demo? If so, how?
Yes. Agents can fill out their information here: https://bindable.com/contact-us. Someone from the Bindable team will reach out to schedule a demo.
What else should agents know about this new product?
By offering a branded digital experience, agents now have the ability to compete with direct writers and insurtechs while meeting the changing needs of consumers.
