Tower Talk

3 min read

4 Reasons Data-Driven Agencies Outperform Their Peers

Jun 26, 2019 8:38:07 AM

Digital Transformation happens most naturally when it’s driven by insurance organizations who deeply understand their clients behavior and needs at each point along the end to end policyholder value chain. Understanding customer context and delivering optimal quotes and offers at the right time requires real time analytics on all the relevant placement and exposure data. The core issue is that this data has long been hard to aggregate, as it's typically stored in disparate legacy applications, static ACORD forms, PDFs/Excel, and even .csv files. By taking a data first approach and translating all that data into a single language, brokers and carriers can easily uncover actionable insights. However, when stakeholders along the value chain all connect transparently and collaborate efficiently, it results in more meaningful on demand, real time delivery of products and services for all parties.

According to the 2019 Accenture Technology Vision for Insurance Report, 90% of executives agree the adoption of customization and real time delivery is the next wave of competitive advantage. 

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Source: 2019 Accenture Technology Vision for Insurance Report

 

Data-driven agencies drive competitive advantage in a number of key areas:

1) They create greater operational efficiencies: By leveraging digitized forms, agencies and carriers can reduce the amount of information that needs to be rekeyed from PDFs or Excel spreadsheets to create carrier submissions. This accelerates the policy to bind workflow and increases the volume of business an agency can quote over time which ultimately drives revenue. Other areas such as pre-populating forms, automating policy renewal notifications, and delivering eSignatures in document workflows also reduce E&O and lower operational costs.

2) They build pipeline faster: It’s often hard to find new lead sources. The best way to generate more pipeline is to make the process as easy and low touch as possible to generate quotes and get more opportunities. For organizations that want to run campaigns to go after more smb and commercial sized opportunities, access to the product density and risk appetite information can show who the appropriate partners to drive more volume. 

3) They find high quality leads faster: A good lead is one where the risk is measured and assessed based on factors such as the type of business and the customer’s history (payment and default history, loss history etc.). Data-driven brokers have greater visibility into these insights via an advantage in the ability to centralize data and control the lead flow for quotes. This allows the insured to get optimal pricing and terms quickly to shorten the sales cycle. 

4) They generate a higher volume of low touch, high quality quotes: The ability to standardize your data and integrate with everything gives agencies the opportunity to work with all the core players along the value chain. Whether it’s unstructured data in a single field, ACORD forms, custom data structures, .CVS files, AMS systems, or even third party data brokers. With the rise of specialization, you need a flexible data model to handle all the custom data structures in new business like cyber you can get all the data you need to generate a world class quote with a high margin, low touch model. 

The 2019 Accenture Technology Vision for Insurance Report also highlights that 84% of executives agree digital demographics give their organizations a new way to identify market opportunities for unmet customer needs. 


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Source: 2019 Accenture Technology Vision for Insurance Report

The TowerIQ Platform offers data-driven agencies and carriers a way to find unmet needs in the market through deep data analytics, integration, and automation capabilities across the end to end policyholder value chain. Here are some best practices for becoming a data-driven organization that can improve both client and team performance for a win-win partnership.

Uncover actionable insights into your book of business today:
  • Standardize data on the backend with aggregated analytics and industry benchmarking for insightful views into your client base. These views help understand current lines of business purchased by client or by industry and help stay on top of renewals with automated alerts.
  • Identify cross selling opportunities within your client base and understand product density across industry and clients.  Review quote to bind ratios, commission yields, and uncover existing relationships with carriers.
  • Improve sales team productivity and visibility with a consistent and scalable process from application to binding. Reduce E&O across the team, and connect directly with carriers.
  • Share executive dashboards of team and individual analytics to understand trends across teams, groups, and offices with insight into revenues generated.  Track in real time against KPI’s on an individual, team, and brokerage level. 

Take the first step in becoming a data-driven organization and please sign up for a live demo today.

John Carione
Written by John Carione

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