3 Tips to Drive Your Data Strategy

August 21, 2020

In our world today, gathering and analyzing data is more important than ever. What many people fail to realize though, is that data analytics serves primarily as a tool. Although it is capable of many great things in the industry, a tool is only as powerful as the user.

All tools require the know-how and ability to wield the tool in the first place. With the pandemic, many consumers have greatly improved their knowledge in terms of technology. And carriers can be using this to their advantage.

Of course, this involves a certain level of learning and adaptation to a new process of understanding, but this process will allow you to solidify your position in the industry in years to come.

Tracking the success of agents and claims filed are crucial in an industry that relies so heavily on documentation and communication. But to truly benefit from this data, it’s necessary to incorporate data into every level, to maximize the effectiveness and potential for your carrier.

Here are 3 ways you can get your data implementation strategy started:

  1. Have specific goals;
  2. Invest in technology; and
  3. Commit to understanding data

1. Have specific goals and questions you want to analyze

You can’t begin collecting or analyzing data if you don’t know what you need. Having data may seem helpful, but if you don’t know why it’s important to your company or what it means, then it’s just a waste.

So ask yourself, what goals and questions does your company have? Once you’ve established that, you can work with your IT department or employees to solidify what data would be both useful and applicable to your agency. 

2. Invest in technology and data management tools

It’s important for your company to realize that perfection will not happen right away; an effective strategy requires adjustment throughout the initial growing pains. 

In order to keep up with the introduction of data in your agency, you’ll need to invest in the right technology to help your team record and evaluate your data accurately. This should be your short term goal to achieve before you begin to collect your data.

In the long term, your company should acquire a data management system. This will allow your company to organize and store your data effectively, and create a database your employees can use for years.

3. Commit to understanding and effectively communicating data, both internally and externally

Data is storytelling. It’s not enough to simply have an excel sheet to portray what your team has collected. The easier it is to refer to and to use what you have collected, the better it is for everyone involved. 

Collecting and using your data can seem like a daunting process, but it shouldn’t be! If you use data in the correct way, your company will see a variety of benefits.