Real-Time Insurance Quoting: Why Speed = Bound Business
In the insurance world, speed matters. Whether you’re quoting Homeowners, General Liability, or BOP, the ability to return fast, accurate quotes is the key to winning business. Real-time quoting is no longer a luxury-it’s a competitive necessity.
In this blog, we’ll break down what real-time quoting means, how RQB delivers it, and why MGAs and wholesalers that move faster are the ones that bind.
What Is Real-Time Insurance Quoting?
Real-time quoting refers to the ability to generate bindable quotes instantly based on data entered into your system. Instead of manual email exchanges with carriers or third-party raters, real-time quoting enables:
- Instant carrier rating via API
- Immediate display of premiums, limits, and endorsements
- Rule enforcement and validation
- One-click export to your AMS
It’s more than just speed-it’s operational efficiency.
Why Speed = Bound Business
Multiple studies have shown that the first quote to land on an agent’s desk often wins the deal. Real-time quoting shortens the quote-to-bind cycle and allows your underwriting team to:
- Respond before competitors
- Provide accurate, up-to-date pricing
- Automate declines or appetite mismatches
- Route submissions to the right carrier instantly
When quoting moves in real time, so does revenue.
How RQB Powers Real-Time Quoting
RQB (Rate, Quote, Bind) enables real-time quoting for both internal underwriters and external agents through a streamlined workflow.
Key features include:
- Carrier API integrations for instant rates
- Quote rules engine to enforce eligibility
- Triaged workflows for submission review
- Agent-facing portals for instant quoting
- Auto-export to Expert Insured or other AMS platforms
This eliminates the need for emails, spreadsheets, and rekeying.
Test Case: Real-Time Quoting for Homeowners + Liability
A mid-sized MGA handling personal and small commercial lines previously operated on manual quoting. Quotes were compiled by underwriters from carrier portals and then emailed back to agents.
Challenges they faced:
- 24-48 hour turnaround for most quotes
- Underwriters tied up rekeying data
- Declined risks slowed productivity
- Agents complained about slow responses
After implementing RQB:
- Real-time quotes returned to agents in under 3 minutes
- 70% reduction in quote prep time
- 2x increase in agent satisfaction scores
- 30% lift in quote-to-bind conversion
RQB became their quoting engine of record and eliminated manual drag.
RQB + Expert Insured = Full Cycle Execution
For MGAs and carriers that want quoting and policy issuance on the same stack, combining RQB with Expert Insured offers end-to-end control:
- RQB handles rating, quoting, and carrier routing
- Expert Insured handles policy issuance, billing, audits, renewals, and compliance
- Data flows seamlessly without rekeying or format errors
This means you quote, bind, and issue in one smooth motion.
FAQs: Real-Time Insurance Quoting
Does RQB support real-time quoting for commercial lines?
Yes. RQB supports real-time quoting for lines like GL, BOP, WC, and Commercial Property via API or embedded rate logic.
How long does it take to onboard real-time quoting?
Most clients are up and running in under 10 business days with 1–2 carrier integrations to start.
Can agents quote directly in RQB?
Yes. RQB offers agent-facing portals with instant quoting, eligibility checks, and quote sharing.
What if my carriers don’t support APIs?
RQB can also support embedded logic or hybrid workflows where manual rating is needed.
How does real-time quoting affect compliance?
Real-time quoting enforces rules, eliminates E&O exposure from manual entry, and logs all quote versions for audit-readiness.
Conclusion
In today’s market, speed wins. If your MGA or wholesaler still quotes through email chains, PDFs, and spreadsheets, you’re leaving business on the table.
RQB brings real-time quoting to your fingertips-and when paired with Expert Insured, it delivers full policy lifecycle execution.
Want to quote faster and bind more?
Request a Demo and see how real-time quoting can transform your underwriting operations.
