Ideon Blog

Over the past few years, leading ancillary and voluntary carriers have increasingly partnered with third-party quoting platforms. These platforms, favored by benefits brokers, allow for the quoting of plans from multiple carriers and streamline the proposal process. For brokers, it’s a way to save time, get more efficient, and offer more benefits options to their employer clients.

In this rapidly evolving landscape, it’s crucial to separate fact from fiction when it comes to partnering with third-party quoting platforms. Here, we debunk some common myths and present the realities of why carriers should embrace these platforms for a more efficient and expansive distribution strategy.

Myth 1: Working with Platforms Means Being “Spreadsheeted”

Reality: While carriers fear their plans will be reduced to a mere price comparison, the reality is that brokers already use spreadsheets to compare plans. By partnering with third-party platforms, carriers can ensure their value propositions are highlighted alongside their pricing. These platforms often have advanced features that showcase the unique benefits and differentiators of each plan, beyond just the cost. And besides, you can’t win if you’re not in the game – quoting platforms, at worst, are a way to get more visibility for your plans.

Myth 2: It’s Technically Challenging and Time-Consuming to Partner with Platforms

Reality: Integrating with third-party platforms might seem daunting, but solutions like Ideon make the process straightforward. Carriers get connected with multiple platforms through just one integration, and in many cases there’s zero technical work for the carrier. This not only saves time but also reduces the complexity and cost associated with building individual connections to each platform. Getting started with platforms isn’t nearly as challenging as carriers expect.

Myth 3: Brokers Would Rather Work Directly with Carriers

Reality: Brokers prefer the efficiency and convenience of using third-party platforms for quoting multiple carriers at once. These platforms provide a one-stop-shop experience that simplifies the quoting, comparison, proposal, and selection process. By being present on these platforms, carriers can meet brokers where they work and facilitate easier access to their products, increasing the likelihood of being included in proposals. Ultimately, it means greater opportunity for more sales.

Myth 4: Third-Party Platforms Decrease Control Over the Quoting Process

Reality: Carriers can maintain control and visibility over the quoting process even when using third-party platforms. Many platforms provide insights into who is quoting their products and allow carriers to receive detailed data back from the platform, including sold-case information. This transparency ensures carriers are not left in the dark and can continue to manage their business effectively.

Myth 5: Carriers Need Direct API Connections to Platforms for Fully Customized, Underwritten Quoting Experience.

Reality: Carriers often think that direct API connections to each platform are necessary to offer customized, underwritten quotes. However, Ideon enables carriers to provide fully customized, underwritten quoting experiences across multiple platforms without requiring individual integrations. As Hannah Thompson from Beam Benefits highlighted, API integrations allow carriers to “ingest census data, which means we can provide custom, underwritten, real-time bindable rates to these platforms.” Ideon facilitates this process through a single connection, accelerating time-to-market and ensuring a scalable and efficient way to meet the demands of brokers and employers.

Why leading carriers partner with quoting platforms

The ancillary benefits market is evolving, with third-party quoting platforms becoming integral to the distribution strategy. Brokers are increasingly relying on these platforms to quickly and efficiently quote plans from multiple carriers. As this trend continues, it’s crucial for forward-thinking carriers to engage with the platform ecosystem to stay competitive.

Partnering with these platforms offers several advantages:

• Broader Reach: Carriers can expand their distribution network and reach more brokers and employers.
• Increased Efficiency: The digital quoting process is faster and more efficient than traditional methods.
• Enhanced Customization: For highly advanced carriers that are exploring quoting APIs — some even with custom underwriting functionality – quoting platforms provide a channel to get these modern capabilities into the market. Brokers appreciate the ease of use and comprehensive quoting capabilities, leading to stronger relationships.

Getting Started

The best carriers are already working with third-party platforms and optimizing their workflows to enable efficient quoting. Brokers want it, the ecosystem is growing, and the results speak for themselves.

Something to keep in mind: Platforms are eager for more carrier partnerships without the need for direct integrations. Ideon is a powerful option to facilitate these partnerships.

Carriers, through Ideon, can work with numerous platforms and maintain visibility into their quoting activity. And in many cases, carriers are even receiving sold-case information back from Ideon, creating a seamless experience from quote to proposal to sold case to enrollment.

The bottom line: There’s a fast, easy way for carriers to make this shift, ensuring they remain competitive in an evolving market. Embrace the transformation and join the growing number of carriers benefiting from third-party quoting platforms.

Expand your reach to today’s leading quoting platforms, without any technical development. Carriers can reach out to Ideon here to get started.