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Do you want to see an instant quote tool for DI that compares all carriers?

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  • Do you want to see an instant quote tool for DI that compares all carriers?

    We have an instant term life tool at (as does and so many other sites of course) because life insurance companies make their rate files available to web developers to build these tools. The rates are exact and up to the moment.

    Wouldn't you think that they would want the same for Disability Insurance? Wouldn't you assume that this would help to sell more disability insurance? For whatever reason every request for the DI rate files is shot down. Believe me, we try all the time.

    We all expect instant everything and waiting 1 day or even 3 hours, etc to get some quotes is just too long to wait. Quotes come back and somebody wants to see the pricing for a new benefit period that is not quoted and it takes another hour (could be sooner but it requires someone to manually do it, download it, and email it).

    You get the idea.

    I have been talking with people about how ridiculous it is to wait and just how painful the disability insurance buying process can be because of the delays. It also means that most people are not able to weigh all policy options. Would I have bought a student loan rider if I saw the pricing in various ways? Maybe. Would I have bought $5000 of Catastrophic instead of $0 or $8000 if I knew that I could tailor that rider? Maybe. These things become real at the point of a claim.

    We are a web development firm as well - (insurance is more tech than it has ever been) and would work on this immediately for all carriers so that it would be like the term life insurance instant rate tool.

    If I were to pass around a petition for people to sign asking for the DI companies to allow the creation of an instant side by side tool that shows all companies with accurate pricing, would anybody sign it? Just need to push these insurance companies into the modern era of buying on the web.

    Imagine you just got a pay increase and you are ready to buy DI for the first time or to add more to what you have.

    Imagine you just heard that a new product came out and you want to quickly compare it to what you have.

    Keep in mind that you can always move your plan around pretty much right up until your health changes (or income drops off). Pricing and transparency of products is critical.

    You go to a tool that is embedded in a browser. Enter your specialty, date of birth, income, state, etc. You select the benefit period that you want to see illustrated. You see the max benefit from each company. You see policy riders like COLA, Residual, Future Options. You check the ones you want. Click a dropdown to change something else. Customize and "Compare Now". There it is. Done. Then you get the insurance agent involved to help you answer questions and to get the process started. Simple. Can be done 24/7 without any pressure. Who wants to meet with an insurance agent for 90 minutes in the hospital cafeteria anyway, really?

    The tool needs to show all or at least most. Having a one off quote tool for a single company does not do it. Compulife changed life insurance buying forever. Those guys are amazing and we all owe them a thank you. Time for DI buying to be just as graceful.

    Just curious if consumers share the same frustration as agents and brokers. (Answer is obvious of course)

    Just another tech conscious business person out there trying to make it easier for everyone.


  • #2
    It sounds like a great idea, but in the realm of problems that I would like to see solved, I rank it pretty low on the list, somewhere behind getting my daughter to stop messing up the ketchup lid when putting ketchup on her hamburger.

    In my 25+ year career, including residency, when I first purchased DI, I have probably spent a total of six hours on DI, including medical exams, for a handful of individual policies that I have owned. For me, it just has not been that big a deal. Others may feel differently.


    • #3
      Since it's in my wheelhouse I will keep pushing for it.

      Anyone have a fix for getting my son to eat anything more than yogurt pouches (he's 3)?

      Here's your ketchup fix:!-Cap-61-Piece-No-More-Waste-Cap-System.product.V33116.html


      • #4
        My point is that getting examples of DI plan designs is awful.

        We track all quotes ran for term at our site.

        Went from running 2 or 3 for people when doing manual to people running 15+. Some people are on the quote tool for 90 minutes and run 100 quotes literally. Clearly they are figuring what they want.

        People should be able to run quotes for DI. Not saying that the lowest price wins. Just ability to customize is important.


        • #5
          Also I know agents that don't even show a quote until underwriting is done. 100% of the time the sale is conveniently their home company too. Crazy.

          Some people really take blind faith in their "advisor" and it's clear what the order is for who gets taken care of.

          1. Agent
          2. Home insurance company
          3. Physician

          Thinking of

          Data transparency protects the consumer and asking as consumers can't run quotes the agent will control the process.

          Imagine just trusting the car salesperson to give you a solid price and to find the right car for you without you having any input really.

          That's all I want to remedy.


          • #6
            Thank you for solving the ketchup problem for me.

            I think that your idea is an excellent solution for a problem that people (like me!) have but do not appreciate.


            • #7
              Thanks. Technology overtakes everything. I give it two years before it's the norm.


              • #8
                Forgot to mention: Guardian already has it. Only shows them and is fairly limited but let's you customize and add COLA, etc.



                • #9
                  Joe - Principal has an online calculator too last time I checked. Rex is right. It's an entirely different endeavor to have multiple carriers quoted alongside each other in real-time. The majority of DI is written by agents, not brokers. I'm in your corner though; it would definitely help brokers like ourselves.


                  • #10
                    What is the URL to the Principal quote tool?

                    Mark my words - we will build it.

                    Thanks DK.


                    • #11

                      What is the URL to the Principal quote tool?

                      Mark my words – we will build it.

                      Thanks DK.
                      Click to expand...

                      I believe this is the link for the Principal tool. I got a quick quote for three levels of coverage.


                      • #12
                        Awesome. Hasn't seen that one.

                        They are just so ************************ dumbed down. You should see the quote tool that agents use. It's simple and all inclusive. It's not rocket science. With a few modal popup info bubbles people can run quotes and just have an agent helping.


                        • #13
                          WCICON24 EarlyBird
                          "Haven't seen that one...."