The ability to leverage data within your agency will prove to be valuable in 2022. Customers expect a level of quality and specificity from their insurance agency. Data provides agents with the insight to give customers the best guidance.
Data can help you develop better strategies for approaching your customers. These strategies can give you a more complete view of their needs and help drop gaps in coverage.
Leveraging data allows you to better understand your customers. (+ can help you provide more accurate advice.) Not only does data provide value to your customers but it also can help evolve your agency.
We’re breaking down where you can find data, how to organize it and what you can do with your organized data.
Where can you find data?
Renewals, loss ratios, and increases in average premium are a few data sets that you will want to track. You can find most of these data sets in your agency management system (AMS).
Carrier generated reports are also a great resource for unstructured data. While not as encompassing as the data found in your AMS, these reports may offer extra data sets that may be useful.
Your agency should have a website and a marketing strategy. (If you don’t, that’s ok, we have tips for these too.) This data provides a deeper insight into your prospects and existing clients.
How to organize + visualize your data
Having data is great. But if it’s not organized it can be hard to interpret. Some CRM’s, like Better Agency, offer internal dashboards that organize data for you.
In most cases you will be referencing both AMS’ data and data provided by your carriers. If you are not adept at excel, Data Analytics Platform’s, like DONNA, can help organize this data. These platforms can also help cross-sell, upsell and re-market to existing clients.
Having a dashboard view of data within your agency saves you time so you can write more insurance.
What can you do with your data?
Data can provide your agency with insight into where it needs to improve or where it is excelling. It allows your agency to measure itself against the current industry market.
Having easy access to past data is useful for re-marketing and new business.
Onboarding new hires can also is easier with data. Newly hired agents are able to reference past data and use it to make informed decisions.
These discovered opportunities can lead to an increase in profitability. It can help agents identify the target segments within your agency. A deeper understanding of an agency’s current market allows for expansion and growth into other markets.
Efficiency and smarter customer service are at the root of most data innovations. The ability to leverage data as an insurance agent is crucial to your agency’s success.