LIBRA Insurance Partners Expands ‘QuoteShop’ to Include Greater Automation, Communication and Reporting Capabilities
June 28, 2023 by LIBRA
BALTIMORE, June 27, 2023 /PRNewswire/ — LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the United States, announces the release of an updated version of QuoteShop, its proprietary ‘informal quote’ submission platform. The enhanced platform introduces new functionalities that streamline the carrier communication and submission processes, creating greater transparency and efficiency throughout the lifecycle of a case.
QuoteShop now offers an end-to-end monitoring solution with a range of advanced features. Agents can now request informal quotes from multiple carriers simultaneously. The platform verifies applications are complete with all necessary information before submission and automates the development of cover letters with pertinent details to accompany requests to each carrier. As a centralized communications platform, two-way communications between agents and carriers are now streamlined and consolidated within a single location organized by case and carrier.
“With these platform advancements, we are truly providing unprecedented efficiencies in the way informal quotes are requested and how insurance cases are managed throughout the informals, formals, review, underwriting and policy issuing stages,” stated Rick Buteau, Vice President of Operations for LIBRA Insurance Partners. “We are thrilled to have built upon our already robust platform to deliver something truly revolutionary for our industry, dramatically simplifying the submission and workflow processes for all involved.”
Until this version of QuoteShop, informals were submitted via email directly to the carrier and depended upon agency management systems and back-and-forth email exchanges to get the requested information. The new QuoteShop eliminates these steps for LIBRA partner agencies and carriers, allowing for seamless, efficient communication and file management organization for each individual case.
Carriers using the QuoteShop platform now have access to real-time reporting data, shifting from receiving industry sentiments only a few times a year to on-demand information. Through the platform, carriers can gain invaluable insights into performance, such as their success rate in placing cases, and conduct blind comparisons to other companies on the platform for key performance metrics. This level of insight, now available in ‘real time’, empowers carriers to make informed decisions and drive continuous growth and improvement throughout the year.
Recognizing the need for greater accountability and accessibility of data across the insurance industry, LIBRA Insurance Partners has committed to implementing new institutional-level reporting capabilities across multiple platforms, extending this functionality to the informal submission process. With a concentrated effort on capturing, distilling, and sharing data in new and meaningful ways, LIBRA aims to deliver a collective benefit and advancement of carriers, agency partners and to the industry as a whole.
“We are dedicated to being the preeminent insurance marketing organization in the country, and we are proud that our innovation continues to pave the way within the industry,” said Bill Shelow, President & CEO at LIBRA Insurance Partners. “Through valuable resources, strategic partnerships, and proprietary platforms and programs such as QuoteShop, LIBRA is poised for continued growth, and we look forward to delivering enhanced solutions with exceptional value to carriers, partners and clients at every interaction.”
Luke Jajliardo, Director of Technology Strategy and Data Solutions at LIBRA , played an instrumental role in the QuoteShop advancements as he spearheaded a user group consisting of several LIBRA partners to ensure a process was developed that meets each user’s needs. He was also responsible for developing the data stack that provides industry-leading reporting for LIBRA partners and carriers.
LIBRA is focused on adding value to its partners, driving quality business to its carriers and is guided by three strategic pillars:
- Differentiate resources and experiences for our partner agencies:
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- Proprietary processing tools for quick quotes and informals (QuoteShop)
- Exclusive Medical Director
- Proprietary product analysis and white papers
- Best practices and idea sharing at all meetings
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- Deliver proprietary programs, processes, and products to differentiate our partners:
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- Partner-owned and producer-accessible Reinsurance Company
- Exclusive facultative underwriting program with a major reinsurer
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- Create uniquely aligned, strategic relationships with carriers
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- Carrier SLA/Throughput tool
- Exclusive compensation programs
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To learn more about LIBRA, visit www.LIBRAInsurancePartners.com
About LIBRA Insurance Partners (LIBRA)
LIBRA Insurance Partners is an insurance marketing organization dedicated to serving independent insurance producers, brokers, and financial institutions. Formerly known as LifeMark Partners and BRAMCO Financial Resources, and through the merger with Insurance Designers of America (IDA) in 2022, the firm exists to leverage strategic relationships, expertise and innovation to expand life insurance distribution for the benefit of all stakeholders. LIBRA Insurance Partners is dedicated to the ongoing development and enhancement of resources to differentiate partner agencies from the competition. Its firms benefit from robust proprietary service offerings, unparalleled partnership, product expertise and access to industry-leading resources. To learn more about becoming a LIBRA partner firm, visit www.LIBRAInsurancePartners.com or call (410) 837-3022.
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SOURCE LIBRA Insurance Partners
