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Product Experience

Quotes as a Way to Configure the App

Gabe Diaz

Product Owner: Customer Acquisition

Life insurance applications are regulated by state regulators who approve every word and piece of punctuation in our apps. This means if the field isn’t happy with how the app is written it could be months before a change is made. No one feels that pain more acutely than those of you who are trying to help clients get covered every day. But I promise, as the product owner of the Coverpath application experience I am a close second.

So when our application has complex ownership questions that leave something to be desired, what can we do for all of you reading this? The answer is that we can improve quoting and pre-fill the application questions. Since our designers and developers are fully in control of the quote experience (no regulators there!) we can ship changes as soon as we get your feedback.

We focused on the application too much

When we launched support for business ownership, juvenile policies, joint ownership, and trust ownership on Coverpath, we updated the application and underwriting process. What did the field think? Well, we got feedback like, “Hey, you support business ownership? That’s just not true. I’ll believe it when I see it.”

In the case of business ownership, we did not allow advisors to enter a business name into their quote. So although the app technically supported business ownership, it was hard to tell from the quote. Each of these great features of Coverpath was difficult to detect, and when it was discovered, difficult to use. 

Thanks to your feedback, we are making it better! 

The First Big Step: Business Owner Quoting

The business quote experience, however, is the first time we re-imagined the quote for a new kind of policy ownership. Financial professionals want to be able to name the company when sending a quote, so we focused on that. 

But we didn’t stop at just a new look! We make sure every piece of information entered into the quote syncs with the application. So even if you don’t open the advisor assisted view, we’ll fill in the relationship, company name, and make the application ready for the business owner to fill out the details. 

What’s next? Joint Owner and Trust Owner Quoting

At Coverpath we never stop listening to feedback and working to enhance the platform. We’re obsessed with making Coverpath more efficient. We recognize that there are shortcomings in our quoting and application tools and are actively working to address them. Trust-owned quotes today, still, leave a lot to be desired. They are possible on Coverpath, but the process of making one simply takes too long. Meanwhile, in a joint owned cases, we know the advisor might not realize that only one owner is going to get a Coverpath account and they need to choose them upfront.

To help address these issues we’ll be adding two options to the quoting tool, joint, and trust (next to individual and business). We know that saving the field time means saving the field money. So we’re working to get these improvements out as soon as possible.

Gabe Diaz

Product Owner: Customer Acquisition

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