Harness Data to Meet Your Clients’ Changing Needs
Insurance agencies and brokerages, as well as insurance carriers, are becoming data repositories. To meet the changing needs of clients who seek faster service and claims payments, insurance businesses need to harness data in a way that not only helps deploy resources to the right places but also enables the identification of potential growth opportunities. Much of the data in Bryan Insurance’s management system is collected through the sale of insurance and the servicing of clients. Some specific data we collect includes where our clients are from and how they find our agency—through walk-ins, call-ins, social media, or other marketing campaigns.
[D]ashboards allow us to track client retention, policy retention, and premium and revenue retention, providing us a strategic picture of growth.
As managing partner, my job encompasses a wide range of roles, from handling human resources issues like hiring and onboarding new employees to providing agents the tools they need for strategic planning and holding the agency accountable to clients. With Applied Analytics, Bryan Insurance can set goals more easily and review how we are doing in real time. Each goal is tied to a metric to measure progress, and it’s important to know what the drivers are behind each metric.
Steps for implementing analytics are:
- Choosing the best system for your agency or brokerage’s needs
- Asking the implementation specialist a lot of questions about the process
- Reviewing all available dashboards and picking the best ones for your agency or brokerage
- Implementing the analytics system throughout the organization
- Learning how to verify the accuracy of the numbers in the dashboard
- Employing the analytics in strategic thinking and growth strategies
Read the full article on RoughNotes.com.