Integrated point-of-sale billing solution developed and delivered by three partner companies
Every agent is deeply committed to their customers and, consequently, improving the customer experience is a critical agenda item for most agents. But the lack of seamless technology has made it cumbersome for agents to provide “best in class” services to their customers. Digital transformation is finding its way into all segments of the insurance vertical and with every efficiency gain, the services available to customers expand. By accelerating digital transformation and solving the technology “gap”, agents can help policyholders in countless ways. In this case study, we will show how three technology-forward companies put their heads together to give agents, and their policyholders, easier access to flexible premium finance payment plans.
FOCUS ON TECHNOLOGY-ENHANCED SERVICES AND EASE-OF-USE
After learning that Boston Software had made integration opportunities available to third-party vendors in its WinRater Rating Software, Thrifty, in conjunction with Input 1, approached Boston Software to integrate its premium finance quoting system into the WinRater application. This integration was a huge success and for many years helped agents expedite the premium finance quoting process into their sales workflow. In 2018 when Boston Software migrated their software to the web and created SinglePoint online rating, Thrifty (in concert with Input 1, once again) also upgraded their platform and created an enhanced integration with SinglePoint.
The SinglePoint integration provides many advantages to agencies including, but not limited to, automatic logon to Thrifty website from within SinglePoint (no need to log into Thrifty directly), multiple VIN listings on the Premium Finance Agreement, and a single click finance quote.
Agencies using Thrifty’s premium financing now have the single easiest solution to provide financing for their customers. Moreover, SinglePoint agents can check the Thrifty Financial account for their customer without having to log into multiple systems, improving agency efficiency and the customer experience.Thrifty Financial and Boston Software partnered together to deliver technology that Agents and their policy holders expect:
- Provide extended payment terms to help sell more policies
- Improve retention and lower cancellations
- Works within the agent’s existing process and doesn’t require extra steps
- Enhances digital transformation
- Provides modern self-management tools
While caring for a customer’s needs has been findamental to our business from day one, I do acknowledge that as technology becomes less expensive and ubiquitous, it’s incumbent upon us to differentiate. The best way to differentiate is to do something that no one else does or to do something so much better than others, that customers realize value in working with you over your competitors.
Thrifty Financial Services
Thrifty outsourced all of the administrative work of running the premium finance portfolio to Input 1 in 2003. Agencies and policyholders were enjoying the improved services and technology afforded by the Input 1 platform and Thrifty was continuing to build its client base.
However, Thrifty still wanted more for its agents and policyholders.
Boston Software had just completed a major upgrade to its agency rating platform and with SinglePoint now provided an enterprise-class, cloud-based agent rating system that integrated with agency management systems.
By combining Boston Software’s reach throughout the Commonwealth, Thrifty’s position as the preeminent premium finance business in the state and Input 1’s technological and servicing expertise, the 3 entities have delivered a highly advanced and intuitive platform to auto writers and buyers in the Commonwealth.
Agencies have intuitive single logon to both systems and single click financing. With the help of their agents, policyholders have greater access to extended payment terms and experience fewer cancellations. Software and services brought by Input 1 are continually improved and expanded, ensuring that the customers of Thrifty and SinglePoint agents always have the best technology and service at their fingertips.
This is one of those partnerships where everyone wins. Improved technologies and seamless integrations means a better experience for everyone, especially customers. Working with Thrifty and Input 1 has been great. We are all on the same page with the same goal—helping independent agents do their job more efficiently and more effectively. That’s what technology is all about.
—CHARLIE WALSH, Boston Software
Boston Software has been a leading Comparative Rating Software vendor for independent insurance agents and carriers since September, 1995 when they launched the first Windows-based rating system in the country (WinRater). WinRater set a new standard for speed, simplicity, accuracy, and reliability and the company hasn’t slowed down since. In September, 2018 they launched SinglePoint, a new online rating platform. SinglePoint took the best of WinRater and enhanced it with the convenience and flexibility that an online platform enables.
Input 1, LLC
Input 1 is a technology-focused service company, specializing in the area of billing and payments in the insurance industry. Input 1 is also the largest provider of premium finance software and outsourcing services in the United States.
Thrifty Financial Services
For over 30 years, Thrifty Financial Services has been the leading provider of automobile insurance premium financing in the Commonwealth of Massachusetts.
The user interface between SinglePoint and Thrifty is professional, intuitive and very easy to use. It completely eliminates the costly and time-consuming steps of having to manually enter data into a premium finance application. Once the insurance quote has been rated, finance terms are automatically calculated for the customer. To take it a step further, the insured and agent can also e-submit the financing online without having to ever print, email or fax documents for processing. It’s truly a seamless experience for both the agent and the policyholder.
—JEFF GREENBAUM Senior Executive Vice President and CIO, Input 1, LLC
What agents say about Thrifty
Matthew J. Fernandes Insurance Agency
Brockton and Fall river
“Our agency has been premium financing with Thrifty Financial Services for 15 years.”
“We have consistently found Thrifty to be a very professional company. We highly recommend Thrifty to all agents.”
Jeffrey Chernaik, Chernaik Insurance Agency
“We premium financed with Thrifty for a number of years, but were induced to switch to another finance company.”
“We returned to Thrifty because my employees missed the great service that Thrifty provides. Thrifty simply makes doing business with them easy.”
Pacific Insurance Agency
“I’m happy to tell everyone that Thrifty is a pleasure to do business with. Their staff is always courteous and consistently very helpful.”
“Thrifty really makes it easy for an agent to communicate with them because of the dedicated agent only telephone line.”