Rising tides: How premium increases will impact client expectations in 2025

The Canadian insurance industry is facing some tough challenges, especially for brokers. With rising home and auto insurance premiums, brokers are finding it harder to balance helping their clients with managing their own workloads. Clients are asking for more options, better prices and faster responses, all of which puts pressure on brokers to deliver — often with fewer resources.

The challenge: Rising premiums, rising expectations

Premiums for home and auto insurance have been steadily increasing across Canada. According to Canadian Underwriter, the first quarter of 2024 saw significant rate hikes. And when premiums go up, clients are almost guaranteed to start looking for better deals. They want their brokers to offer more options and competitive pricing—and they want it fast.

For brokers, this means more time spent manually searching for competitive quotes. Requoting for multiple clients is a time-consuming, repetitive process that eats into the hours that could be spent on client relationships or other revenue-generating tasks. This added workload is a major issue for brokerages, especially in a hard market where competition is fierce and profit margins are thin. What's more, when premiums go up, so do client expectations. Now more than ever, clients are looking to their brokers to provide prompt, proactive advice immediately upon renewal. Unfortunately, this just isn't possible for most brokers to manage, especially if they're trying to manually requote every premium that's been impacted by an increase.

Enter Quandri’s new AI-powered Requoting capability. Designed to automate the Requoting process in Applied Epic using Applied Rating Services, Quandri saves brokers time, improves their ability to provide personalized client service, and helps brokerages retain clients even as premiums climb.

With Quandri’s Requoting capability brokers can automate this process upon renewal, automatically checking for more competitive quotes based on a configurable trigger, such as a premium increase. Now, instead of spending upwards of 30 minutes investigating new quotes manually, brokers can rely on Quandri to automatically generate multiple quote options, displaying a simple summary and talking points directly within their Applied Epic BMS.

For the end client, this means they receive faster responses, more policy options to choose from and the opportunity to lock in a better rate—all of which contributes to a more positive experience. For brokers, the ability to provide these benefits without overextending themselves is a game-changer; not only does it make them more prepared for inbound client calls, but more importantly, it enables brokers to proactively reach out to their clients to counsel them on their options.

How Quandri solves requoting pain points

In a hard market, efficiency is crucial to staying competitive. With Quandri’s automation, brokers can handle more requotes, respond to clients faster, and ultimately bind more policies. This not only strengthens relationships with existing clients but also opens up opportunities to bring in new business—all while keeping operating costs down. Quandri’s Requoting capability uses AI and Robotic Process Automation (RPA) to handle the entire requoting process, cutting down on manual work and speeding up the process. Here’s how it helps:

1. Time-saving automation: Instead of brokers manually pulling quotes, Quandri’s tool automates this task, getting quotes from insurers in record time. This frees up brokers to focus on client interactions and growing their business.
2. Increased profitability and retain clients: In a hard market, efficiency is key to staying profitable. By automating requotes, brokers can handle a higher volume of requests without increasing overhead. The more quotes they can process, the more opportunities they have to retain clients and drive upsell and cross-sell opportunities.
3. Improved scalability and standardize operations: As demand for requoting grows, brokers need a solution that can grow with them. Quandri’s Requoting capability scales up easily, allowing brokerages to handle an influx of quote requests without needing to add more staff.
4. More options for clients: Quandri helps brokers present clients with competitive coverage options. By automating the process, brokers can ensure that they’re getting the best available rates from a wider pool of insurers, helping clients not just save money, but more importantly, ensure they feel confident they’re getting the best coverage for their needs.

As insurance premiums continue to rise across Canada, brokers are feeling the squeeze. Quandri’s new Requoting tool offers a much-needed solution, automating one of the most time-consuming parts of the job and helping brokers provide faster, better service to their clients. By embracing this kind of technology, brokerages can improve client satisfaction, boost profitability, and stay ahead in an increasingly competitive market.

In a challenging time for the industry, automation isn’t just a nice-to-have—it’s a must-have for brokers who want to thrive. Contact Quandri today to book a live demo of our Policy Requoting capability.