All About ClearAI®: Better Binding With Quote Flows That Count

Time Is Money

There’s an old saying, “time is money,” and for insurance agents focused on growing their businesses, the sentiment is spot on. With commissions top of mind, agents are always searching for faster ways to get policy seekers—particularly those that closely fit high-value customer profiles—to quote and bind. But if carriers could market to the highest-value prospects before they entered the quote flow, agents could rest easy knowing their time wouldn’t be wasted once prospects are in that flow.

It’s no surprise the quote flow process has dramatically changed in the last twenty years. What was once a test of endurance, filling out application after application with pen on paper, is now almost entirely digital. Today, policy seekers can visit quote aggregators or carrier websites to fill out form fields on their laptops and phones. The time from quote start to completion has dwindled from hours to minutes.

“From the consumer side, they increasingly expect a digital option for some of these more complex financial transactions than in the past,” explains Clearcover’s Director of Product Management, Kris Tibbetts. “That absolutely helps the quote flow process for agents.”

If only top-of-funnel lead qualification technology could take a cue from the quote flow’s evolution….

Enter ClearAI®

Tibbetts has spent twenty-five years working in product management, including time focused specifically on quoting solutions. Along the way, she’s watched the slow transition from paper to pixel, eagerly awaiting the next advancement in quote flow technology. Tibbetts explains, “Adding the AI process before that flow helps carriers and agents know as early as possible whether a particular product will be marketed to a consumer.”

Artificial intelligence? Like from the movies? Yep. At Clearcover, we have injected artificial intelligence into the insurance industry in the form of ClearAI®.

“ClearAI® is what we call our machine learning platform,” says Jerry Claghorn, PhD, Director of Product Management and resident AI-aficionado. “In lead qualification, we have a suite of machine learning models to predict if an individual customer is a good fit for our products when we've just ‘met’ them. We combine those model outputs to determine if we have a product that's a fit for that individual and then make the decision whether or not to market our product to them.”

And all of that happens before a policy seeker even sees Clearcover marketing. As ClearAI® identifies customers that fit the company’s target profile, the most eligible applicants are marketed Clearcover rates based on the data they provide. ClearAI® is so fast, in fact, it can evaluate an applicant in one-tenth of a second.

According to Dr. Claghorn, “It's the fact that right at the top of the funnel, before anybody's invested their time, you get an answer about whether or not it's going to be a good use of agents’ time to quote with us.”

All About Agents

It’s this palpable advancement in quote flow technology that excites Tibbetts. She adds, “ClearAI® definitely benefits the quote flow by helping Clearcover and agents figure out who the best applicants are and getting marketing materials in front of them.”

Simply by letting ClearAI® work its magic, agents can reallocate their saved time toward pursuing worthwhile leads and earning renewal commissions.

But how can agents be sure Clearcover has their best interests in mind? What if their target market segments are different from Clearcover’s? Tibbetts says not to worry. Clearcover is committed to delivering superior value to agents through transparency, convenience, and affordability, “The number one thing I would say to agents is in many ways agent interests and our interests as a carrier are very much aligned. We both want to find customers who are going to stick around with us, that are going to retain with us for a long time. ClearAI® will do a more sophisticated job of predicting that on behalf of the agent, as well as on behalf of Clearcover.”

If you’re interested in learning more about ClearAI®, visit clearcover.com/AI.