Allstate debuted a revamped commercial insurance quoting platform that it said will help small business owners buy a policy in about 5 minutes.

Allstate’s move comes with the emergence of InsureTech startups that promote ease of use and a streamlined, online buying process for customers. Among the examples focused on small business clients: Next Insurance and CoverWallet, and the InsurTech startups launched earlier in 2016. Next Insurance bills itself as an online shopper for small businesses, and CoverWallet is designed to give small business owners a concierge-like service that helps them navigate the details of commercial insurance.

There’s also Bunker, a Hiscox and American Family-based startup, recently unveiled a small business digital insurance marketplace.

Allstate is pitching its redesigned online commercial insurance functionality as a way to make it easier for small business owners to get the information they need to buy insurance, highlighting features that aren’t unlike those found in emerging InsurTech startups.

Customers can do this now directly through the web address Allstate.com/business. Allstate’s commercial insurance pages have been redesigned as well to launch the quoting platform, with new features such as clear definitions of the types of businesses Allstate insures. There are also online tools and resources to help small business owners, including offers from partners including SurePayroll and InfoMart, Allstate said.

Allstate said its new quoting functionality uses advanced data and analytics, plus third-party data, to pre-fill data elements, an action that reduces keystrokes needed for the quoting process. Small business owners enter their information in a few fields and then the Allstate system delivers a quote for a tailored business owner’s policy. Customers, once they review the quote, can decide to purchase the policy or talk to an Allstate insurance agency owner to address other questions.

Customers can also tap into the Small Business Connection, a free online resource hub that now has business-owner’s policy-quoting functionality, and its relaunched website is now more visually appealing, according to the insurer.

Michael Barton, president of Allstate Business Insurance, said the changes will help small business owners make “informed” purchasing decisions in a “one-stop shopping” environment that doesn’t require direct assistance.

“Buyer preferences are changing. They want the ability to do-it-yourself,” Barton said in prepared remarks. “This innovative ability to quote and bind an online [businesowner’s policy] in about five minutes showcases the big strides Allstate is making to help small business owners.”

Source: Allstate