Commercial insurance broker software is the set of tools that an insurance broker uses to win and keep business clients. Commercial insurance means insurance for businesses: their buildings, vehicles and staff, and the harm they might cause to other people. The tools cover quoting, sales material and analytics.
A broker who sells to businesses competes with other brokers for each client. To win a client, the broker must understand the client's risks, show what cover the business needs and present a clear proposal. To keep the client, the broker must prove at every renewal that the advice was worth paying for.
The software helps in three ways. First, it holds ready-made content: explanations of each kind of cover, sample proposals and newsletters for clients. This is the insurance version of sales enablement. Second, it helps the broker quote. For small businesses, it can produce quick prices, much as configure, price, quote (CPQ) software does in other industries. Third, it gives benchmarks. A benchmark shows what similar businesses buy and how much they pay. For buildings, the software can also pull property risk data, such as flood risk and the age of the building.
Imagine a broker in Chicago preparing to meet a logistics company that has 40 trucks and two warehouses. The broker looks up benchmarks for companies of that size. Similar companies buy an average of $5 million of liability cover, which pays for harm the company causes to others. This client has only $2 million. The broker makes this gap the centre of the proposal. The software then produces a proposal document with the client's name, the recommended cover and a short explanation of each part. After the meeting, the broker records the opportunity, and the software reminds the broker to follow up.
These tools sit next to the broker's main insurance agency management system. The two do different jobs. The agency management system records the business that the broker already has. Broker sales software helps the broker win new clients and keep existing ones. Both sit within the wider practice of insurance distribution.