This post is part of a series sponsored by AgentSync.
Four qualities that differentiate good data from bad data in your insurance business
America may be run on Dunkin’, but insurance is run on data. Data impacts every part of insurance. Underwriting, grading, pricing, forms, marketing, claims handling, you name it, data influences it. Even the very foundation of the industry we love is built on actuarial tables, consisting of hundreds of points of statistical data used to better predict risk.
Best insurance companies use data to better understand their customers. Better insurers use data to support not only their customers, but also their own processes. Bottom line: Data is the key to driving organizational growth. But business decisions are only as good as the data you use to make them.
Why is insurance business data better?
With better data, companies can make informed decisions about their processes and improve the way they operate. But what makes data “good”?
accurate and complete
Businesses have access to all the world’s data, but if the information is outdated or incomplete, it’s not very useful. Consider your producer onboarding process. Or, to make things a little more complicated, Variable Line Broker Onboarding Process.
Registering a new variable line broker and preparing it for sale requires collecting a large amount of data. From background checks to checking his E&O policy, state insurance license and his FINRA registration, ensure that the information you receive is accurate and accurate to ensure that no one is selling using an expired or invalid license. It is important that it is up to date.
Inaccurate and outdated producer or variable line broker data can add uncertainty and unnecessary costs to a company’s distribution management process and negatively impact its ability to adapt and expand.
structured
If you want to know more about the difference between structured and unstructured data, you can read all about it. here. The main thing to keep in mind is that unstructured data, such as emails, Word documents, and paper files, is much less efficient, accessible, and secure than structured data.
Unstructured data is often messy, redundant, and inaccurate. Consider how difficult it is for insurance agents and customer service representatives to answer policyholder questions when personal information and policy data is spread across multiple different locations. Even something as simple as adding a new vehicle to your auto insurance policy can become much more of a hassle.
Structured data collects, organizes, and stores information in a way that it can be easily accessed and analyzed by both people and technology. Structured data gives business leaders a clearer picture of what’s happening across departments in their organizations and at each stage of their processes.
Can be customized
If you’re already ditching locally stored spreadsheets and paper files for a cloud data warehouse, you’re on the right track to unlocking great data. Modern software systems used to store data often organize it into reports and dashboards that provide the insights you need to make better-informed decisions.
These days, it’s fairly standard for software vendors to provide a set of generic reports that businesses can access with the click of a button. However, generating more detailed, specific, and customizable reports may not be possible, at least not without additional cost. (Shameless brag: With AgentSync, your data is yours You should be able to use it however you like without incurring any additional charges).
The ability to segment business data to meet specific needs allows insurers, MGAs/MGUs, and agents to uncover process bottlenecks, team inefficiencies, growth opportunities, and more.
easy to digest
If you’re not a particularly technical person, large amounts of data can be scary and difficult to understand. While it’s important that data is easily readable and shareable across the technology stack, the human aspect can sometimes get lost in translation.
For example, when producers think of the lines of authority they are granted, they probably think of words (life, health, property, injury, etc.) rather than numbers. Producer management software may use numbers to analyze and interpret the lines held by each producer, but if the information is not returned in an easily understandable way, it is difficult to contextualize the data and turn it into information. It becomes difficult to use to do business based on. decision.
How better data can help your insurance business
Data checks all the boxes above, but what can you do? Carriers, MGAs, and agencies can use data to evaluate current processes and improve growth both vertically and horizontally. need to be promoted. Insurers with good producer data can:
- Eliminate workflow bottlenecks. Having stale, unstructured data can significantly slow down critical business processes like producer onboarding. Compliance teams can spend weeks (or even months!) tracking down all the information needed to validate a producer’s license. Having accurate, up-to-date data that your team can easily access when they need it most will significantly speed up the entire onboarding process and ease the burden on everyone involved.
- Improve the producer experience. Is there a tipping point where you’re most likely to lose a producer? Does it take too long to bring in new producers and be able to sell? Your data will tell you that. At a time when recruiting and retaining top talent is more difficult than ever, creating a world-class producer experience is critical to your organization’s growth and success.
- Reduce costs: Unreliable producer data costs more than you think. First, there are the more obvious costs. Non-compliance such as late renewals, CE deadlines, or reservations can result in significantly higher fees. There are also less visible (but equally expensive) costs associated with bad data, such as operational inefficiencies and wasted manual work. Having access to accurate and complete data when you need it reduces these unnecessary costs from your bottom line.
Unlock better business data with AgentSync Manage
Carriers, distributors, and MGAs/MGUs rely on high-quality data to improve processes and drive growth. Unlock data for insurance organizations to gain clearer insights into distribution channels, better understand which partners are driving growth, and identify expansion opportunities that can intelligently scale your business. Become.
AgentSync Manage allows customers to receive up-to-date producer license and reservation data all in one convenient location. Our custom reporting capabilities give you visibility across your distribution channels in a way that best suits your unique business needs at no additional charge. Are you ready to use better data to make better business decisions? Schedule a demo today.
