Faster Pricing, Faster Growth: The Importance of Instant Indication for PEOs

Today, we want anything and everything instantly. Instant gratification is not a luxury anymore in the world of instant food, one-click entertainment, and quick delivery services. It has become the new norm. Moreover, expecting instant gratification is an innate human trait, because waiting is frustrating!

This desire for immediate satisfaction is not limited to the consumer world. Instant services are now reshaping the B2B landscape. From instant business loan approvals to AI-powered talent matching, companies now expect the same speed from their partners. Even insurance businesses are expected to share quotes in minutes. Likewise, prospects expect rapid services from PEOs. But are PEOs ready?

The Weight of Traditional PEO Onboarding Process

When we look at the traditional PEO risk and pricing operations it shows a cumbersome process: manual premium calculation or repeated back-and-forth with carriers for rates. Either process may take 48 to 72 hours, leave the PEO teams exhausted, and slow down new business onboarding. On the other side, their new prospects are met with radio silence, wondering if they should look for another PEO partner for their business. Nearly half the customers are dissatisfied with the lengthy underwriting processes: delays and excessive paperwork. The longer prospects wait, they begin looking for other service providers, which negatively affects the PEO’s business.

Evidently, PEOs grapple with offering quick services. Their existing processes are not helping them to serve fast.

Gaining an Edge in the Competitive PEO Landscape: Serve Fast to Acquire Fast

The challenge goes beyond satisfying the potential clients. 60% of the market is served by the top 10 PEOs. The market is highly concentrated, which forces heavy competition among these top players and creates barriers to smaller PEOs’ growth. The PEOs must serve fast to acquire the market fast.

Sharing instant pricing and onboarding the prospects to the PEO programs as quickly as possible is pivotal to meeting customer expectations, building trust, and closing deals. Faster services are one of the determining factors of winning businesses in this competitive landscape.

For a small business, instant indications reduce their wait time and frustration. It makes them feel prioritized by their PEO, which builds trust. Also, looking at the ballpark number will also give them a sense of control. When they have the estimate to make an informed decision, they act and onboard services faster, allowing them to access PEO services and benefits quickly, which is a win-win for both.

What PEOs can do to share their indications in less than a day?

Generate Instant Indications with InsureComp

With technology and automation come faster services, improved customer experience, competitive prices, and increased sales volumes. InsureComp has built an underwriting and pricing automation platform designed to solve this key challenge for PEOs. While the conventional process of getting a quote takes days for one prospect, our AI-driven, API-integrated, cloud-based technology takes less than a few minutes to generate an indication, based on the customized underwriting and pricing rules they define.