Technology has redefined the way consumers shop. Apps and smartphones let buyers conveniently purchase items, such as books, music, jewelry, furniture and even groceries, at the push of a button. Last year, more than 198 million U.S. consumers used this technology to make an online purchase.[1] Online shopping is even changing the way customers buy insurance through smarter, data driven processes that significantly reduce the time it takes to purchase coverage.
Today, studies show that 70% of eligible employees would consider purchasing auto and/or home insurance at the workplace.[2] MetLife Auto and Home® has recognized that consumers prefer using digital channels to both research and shop. As a result, MetLife Auto & Home XcelerateSM was introduced as a fast, easy and convenient online way to purchase auto insurance right through the workplace. "With approximately two in five employees evaluating their insurance on an annual basis, often comparing price and coverage options, it's critical that the process is more streamlined and cost-effective," said Scott Kuczmarski, Senior Vice President, MetLife Auto & Home.
Xcelerate allows employees to receive an accurate, bindable auto insurance price in about two minutes. Employees validate their name and address on Xcelerate and, with their permission, publicly available information and consumer reports are accessed to obtain data that is needed to calculate policy premiums.
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Kuczmarski explains, "The premium is calculated by using data from the employee's current policy information such as covered vehicles, liability coverage limits and household drivers. If found, this data automatically flows into the employee's application. The employee then has the opportunity to review and confirm its accuracy, or make any necessary changes. Once confirmed, the cost is generated automatically."
Another example of how MetLife Auto & Home is leveraging technology through the workplace is with onsite kiosks, which it is testing on a limited basis. "Kiosks provide an innovative, fun way for employers to drive awareness of MetLife's Auto & Home insurance benefits," said Kuczmarski. "Employees can learn more about savings, watch videos, have their picture taken, and receive a free lunch from various participating restaurants. Beginning in September, the price-generation capability will be integrated into the kiosks."
For brokers, group auto insurance can grow their earnings potential with an ongoing revenue stream. Now with Xcelerate, there is a smarter, faster way to offer auto insurance through the workplace that their clients will value. And, it's easy to implement and doesn't add to employers' benefits budgets.
Check out the Xcelerate video to learn how it works: metlife.com/xceleratebrokers
[1] http://www.businessinsider.com/the-surprising-demographics-of-who-shops-online-and-on-mobile-2014-6
[2] MetLife Auto & Home Group Awareness Study conducted by Harris Interactive, 2013.
MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates, Warwick, RI. Coverage, rates, and discounts are available in most states to those who qualify.
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