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4 Ways Big Data Makes a Big Difference for Insurance Agencies

Posted on March 15, 2016 by Guy Weismantel

Digital Insurer Blog

Data has always been important to the insurance industry.

Our profitability depends on our ability to assess risk, establish pricing, develop new products and services, and to understand both customer behavior and larger trends—all of which require us to analyze and understand big data.

Drinking from the big data firehose

They call it “big data” for a reason: it’s such a huge amount of digital information that it’s difficult for a human being to search and analyze. Data analytics tools provide you with the ability to examine these gigantic chunks of data to uncover useful information and previously hidden patterns.

What kind of data are we talking about? Customer details, claims records, actuarial data, public information (think electoral roll and credit checks), social media sentiment, telemetry from the Internet of Things, reports from industry data providers and other specialists—all this information holds the potential for unparalleled insight into the insurance market.

Big Data and Insurance

The democratization of data

Until recently, the ability to make sense of big data has been limited to big organizations. Independent insurers took what they could get, relying on market experts or trying to interpret global market data themselves. It was difficult for them to get quick, insightful analysis of data that related directly to their business from the ever-growing mass of data.

Today, we live in the era of data democratization. New advances in technology have data analytics available to insurers of all sizes, giving them the ability to better understand their customers and the quickly changing insurance world.

Modern management systems and agency platforms provide agencies with a wide range of data gathering and analysis tools that are customizable and easy to use. Data isn’t restricted to the realm of IT pros anymore; now sales managers, producers, and agency principals alike can get a global view of their business or drill down deep into the details.

4 ways to make data work for you

1. Develop new products and services. 
By monitoring client demographics, risk conditions, social media sentiment, industry trends, and more, you can develop insurance products and services that meetyour customers’ needs.

2. Improve cross-sell and upsell opportunities. With a clearer understanding of your customers, you can develop more effective marketing and communications initiatives.

3. More accurate risk characteristics. Detailed data analysis allows you to better model risks and create more accurate predictive forecasts.

4. Create better customer experiences. By better understanding your customers’ needs, you can improve retention, increase the lifetime value of your clients, and create passionate advocates of your brand.

Big data is here

The right data analysis solution gives insurers the information they need to take informed action, grow their business, and exceed customer expectations. Be sure to check out our breakdown of the role data will play in the future of insurance in our new Digital Disruption ebook.

Those insurers who take advantage of the opportunities presented by these new data tools have a distinct competitive advantage. Those who don’t will be left fumbling in the dark. Which one are you?

Guy Weismantel

Mr. Weismantel is the Vice President of Marketing at Vertafore. With 20 years of marketing and financial leadership in companies such as Microsoft, Business Objects, Baxter HealthCare, Caremark International, and Expedia, Guy’s career has focused on bringing differentiated products to market and providing the “compelling reason to purchase” for customers and prospects alike.

Guy has a Bachelors Degree in Accounting from the University of Notre Dame, and a Masters Degree in Business Administration from the Kellogg School of Management at Northwestern University.




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