1 May 2025

How Dynamic Quoting and Underwriting Improve Customer Experience in Insurance

In a crowded and competitive insurance landscape, customer experience is king. The modern consumer expects fast, personalized service at every touchpoint. This has never been more critical in quoting and underwriting, yet traditional approaches often create, rather than reduce, friction through these crucial stages.

For insurance executives focused on both digital transformation and maintaining their operational excellence, ensuring the best possible customer experience, from quoting through underwriting and beyond, is the secret to high customer satisfaction and better conversion rates. bolt’s dynamic quoting for insurance offers you the ideal way to approach this industry transformation with ease and convenience.

Challenges in Traditional Insurance Quoting and Underwriting

Before we look deeper at how dynamic quoting for insurance can revolutionize how you work, let’s look at the existing challenges in the traditional quoting and underwriting model that directly impact customer experience.

Slow Processing Times and Manual Bottlenecks

The conventional underwriting process is rife with multiple manual touchpoints. Not to mention document reviews and sequential approval workflows. Traditional, tried, and tested it may be, but this approach creates significant processing delays, and quote generation and policy issuance can take days or even weeks.

While this is seen as par for the course in the industry, it creates significant bottlenecks. And each delay can cause a potential customer to opt out of their application to go with a more responsive competitor.

Inconsistent Risk Assessment

Manual underwriting also introduces variability due to individual underwriter judgments. Similar risk profiles and potential regulatory concerns can still see inequitable treatment. Inconsistencies such as these not only affect carriers’ profitability, but can throttle new customer uptake based on underwriter opinion rather than real cause for concern.

Limited Customer Transparency

Traditionally, the customer experience in insurance is a murky one. Applicants get little visibility into their application status, let alone the decision criteria used or expected approval timelines. Without certainty, customers feel anxious and often unheard during an already complex purchasing process.

One-Size-Fits-All Approaches

With no easy means to use comprehensive data and advanced analytics, traditional underwriting often falls back on broad risk categories. These have their use but fail to recognize the unique attributes (and needs) of individual applicants. Without smart, data-informed personalization, carriers miss out on opportunities such as offering more competitive pricing to lower-risk customers.

The Role of Dynamic Insurance Quoting

Dynamic quoting in insurance, paired with smarter underwriting, offers a way to fundamentally shift our approach to insurance. Paired with evolving digital technology, carriers can create responsive, data-driven and responsive ways to boost the customer experience in insurance.

Real-Time Data Integration

Modern underwriting platforms can draw from multiple data sources, creating more comprehensive risk profiles almost in real time. With this holistic integration in place, carriers benefit from more accurate risk assessment without extensive manual data collection from applicants. Minimal insurance customer journey maps mean it is more likely customers will continue through the application.

AI-Driven Decision Making

AI’s advanced algorithmic approach to data lets it crunch complex data trends and patterns to evaluate risk. It can do so with greater consistency and precision than manual methods and has self-learning and improvement built in.

This allows machine learning to spot subtle trends and correlations that human analysis may miss. In fact, in response to a recent survey, 51% of insurance companies indicated that this enhanced underwriting is the most critical value AI offers them.

Automation of Routine Tasks

However, AI also brings another plus to the table – intelligent workflow automation. Able to handle straightforward quotes and cases without human intervention, this frees underwriters to focus on complex or unusual applications, saving time while keeping efficiency high.

Personalized Customer Interactions

This brings us neatly back to the power of customer experience in insurance. Companies that offer personalization see up to 40% more revenue generation than those who do not, with 71% of customers expecting personalization by default, and 76% of them being frustrated when they fail to find it.

Allowing dynamic systems to adapt to each individual customer’s behavior and preferences, with tailored guidance throughout applications, helps carriers better serve their customers in a way that resonates with them.

Keen to see it in action? This financial services company saw significant improvements in its quoting processes and a faster, more intuitive user experience using bolt’s dynamic quoting and underwriting platform.

How bolt Helps You Enhance the Customer Experience in Insurance

Omnichannel services are becoming critical to the insurance customer journey map. So-called ecosystem services create more value for customers. However, many carriers still shy away from the idea of embedded insurance solutions and multichannel offerings from fear of the costs and infrastructure overhaul needed to achieve them.

Here’s where platforms like bolt can help. Using a simple modular (and thus scalable) cloud API-based solution, bolt allows carriers to directly embed tailored, affordable products into the insurance customer journey map. We address critical pain points in the traditional quoting and underwriting process, enhancing the customer experience in insurance while still boosting your own operational efficiency. The bolt platform offers:

Streamlined Application Processes: bolt helps you generate competitive, tailored insurance quotes faster than ever before with dynamic underwriting interviews that effortlessly balance speed and accuracy. With fewer questions for faster quotes and the ability to use one interview across multiple carriers, the customer experience in insurance hunting is vastly simplified, reducing abandonment.
Faster Quote Generation: Through advanced integration capabilities, pre-filled underwriting interviews to speed the quote and bind process, and sophisticated rating engines, bolt enables near real-time quote generation that meets modern customer expectations. This fast response significantly improves conversion rates at a critical point in the customer journey.
Transparent Communication: With bolt’s integrated platform, customers gain visibility into their application process and understand the factors influencing their coverage options and pricing. They can clearly see the status of applications, and better understand the underwriting decisions behind them.
Data-Driven Personalization: bolt leverages comprehensive data analytics to tailor both product recommendations and pricing to individual risk profiles. This personalization ensures customers receive appropriate coverage options at competitive prices based on their specific circumstances.

One personal lines broker who partnered with bolt saw significant improvements in its customer experience in insurance and better conversions through a faster, more intuitive quoting process. Are you ready to see the same?

Unlock Greater Insurance Quoting Efficiency with bolt

With the recent release of the Dynamic Quoting Questionnaire 2.1, bolt has taken another major step forward in transforming the insurance quoting experience for agents. The new version features a modernized interface with 50% less scrolling, a flexible navigation panel, and the ability to submit quotes from any page—making the entire process up to 20% faster for agents.

By streamlining workflows, highlighting missing information, and minimizing unnecessary steps, Dynamic Quoting Questionnaire 2.1 empowers agents to deliver faster, more accurate insurance quotes while enhancing the overall customer journey. It’s the latest example of how bolt continues to lead the way in helping insurance agents provide faster service, better personalization, and greater customer satisfaction in today’s competitive market.

To learn more about how bolt can help you elevate your customer experience, connect with us today.

News