With an insurance marketplace, you can...

Meet customer expectations

Consumers crave convenience and choice when it comes to making purchase decisions.

Provide them with a single buying experience that offers a breadth of products and providers while making it easy to compare and secure coverage online or through an agent with direct market access.

Diversify your offerings

Both new entrants and insurers can extend their product portfolio to meet a broader range of customer preferences and needs.

By providing your target audience with more options and value, you'll enhance customer satisfaction and retention, and ultimately drive business growth.

Offer comparison shopping

Choice marketplaces enable users to receive and compare quotes for multiple products or from multiple insurers quickly.

This improves the shopping experience for them and gives them a sense of empowerment and confidence that they're getting the best policy for them at the best price.

Create customer stickiness

Having more comprehensive offerings for your customers that cover their important needs can enhance their affinity for and trust in your organization, leading to longer-lasting relationships.

Gain a competitive advantage

Offering a variety of choices can differentiate a business from its competitors by helping attract a broader customer base that others with less comprehensive offerings can't serve.

Uncover customer data points

Providing access to a variety of products and providers gives you insights into what products are being bought by which types of customers.

Use this information to help inform future business strategies, including new product development or market expansion.

Speed to Market

Maybe you're in the process of building your own product or expanding your footprint.

Instead of waiting to get started, use choice to establish a presence in certain markets and start selling products from other providers quicker than you would by yourself.

Manage risk without sacrificing revenue

Choice helps insurance carriers reach and retain customers whose risk profiles may not match your underwriting requirements at any given time. You can still ensure customer satisfaction by providing other options, while also earning commissions.

If you decide later to take on that risk, you have the information on the customer and their purchases, making it easier to remarket to them.

Our tools for insurance marketplaces:

Branded Digital Experiences

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API

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Frequently Asked Questions about Insurance Marketplaces

What is an insurance marketplace?

An insurance marketplace is a digital platform that allows customers to compare and purchase insurance products from multiple providers in one place. It provides "choice," enabling consumers to see various price points and coverage options side-by-side.

How does an insurance marketplace help with customer retention?

By becoming a "one-stop-shop" for your customers’ protection needs, you create stickiness. When customers can find and bind multiple policies (auto, home, pet, etc.) through your brand, their affinity for and trust in your organization grows, leading to longer-lasting relationships.

Does a marketplace require my customers to buy online, or can they speak to an agent?

Bindable supports a hybrid approach. Depending on product and carrier availability, customers can compare and secure coverage entirely online for maximum convenience, or they can be connected with an agent who has direct market access to assist them with more complex needs.

I'm from an insurance carrier. Why should my company offer products from other insurers?

Offering products from other carriers (even competitors) helps you manage risk without losing customers. If a lead doesn’t fit your specific underwriting criteria, you can still provide an alternative solution through your marketplace. This allows you to earn commission revenue and maintain the customer relationship instead of turning them away. Then, in the future, if and when you do have the appetite to write that customer, you have awareness around their profile, coverage history, and prior intent, making re-engagement faster, more informed, and more likely to convert.

How do "choice" insurance marketplaces provide a competitive advantage?

In a crowded market, choice is a differentiator. Most consumers today expect the same transparency and comparison capabilities they get in other purchase journeys (just think of Amazon!) . Providing a comprehensive breadth of options allows you to attract a broader customer base that competitors with limited, single-product offerings cannot serve.

Craft customer-centric insurance experiences that foster engagement and loyalty