Independent insurance agencies collect an enormous amount of data. But at too many agencies, that data is stored in spreadsheets, siloed software, or file cabinets where it functions as a reference, not a tool.
For agencies trying to grow, one of the biggest opportunities might be the capacity they already have. Connecting data and making information easier to access reduces the time employees spend searching, re-entering information and rebuilding context. On face value, search time might only seem like an inconvenience, but solving that challenge allows agency staff to accomplish more.
Disconnected data sources create friction
When staff don't have access to the information they need, their time is spent searching instead of working. A Microsoft study of 31,000 workers around the world found that 62% of people say they spend too much of their work time searching for information, and 68% said they simply don't have enough time in the day. Every minute spent searching for information is also time unavailable for completing the work the agency depends on.
In an independent insurance agency, that drag can translate into client dissatisfaction: Eighty-three percent of policyholders expect to hear back from their agent within one business day, and over one-third expect responses immediately or within one hour. When a servicer needs to call back with an answer or doesn't pick up the phone, it affects the client experience. When data access becomes the source of work backlogs, it becomes a constraint on agency capacity and slows growth.
Connected data speeds the entire workflow
In a survey of insurance industry professionals we conducted earlier this year, 67% said they would benefit from entering data once and having it populate across their systems.
Those benefits: Continuity of information across staff and more information at their fingertips. When information can move freely across digital boundaries, employees share a common context. Leaders can make more informed decisions and have better organizational visibility.
The workflows inside an agency change: Tasks move from one desk to another more smoothly and staff have more capacity to do other work.
Data access translates to client service
One clear result of added capacity is the connection agents and account servicers can create with clients.
SeibertKeck, one agency that implemented AgencyOne and connected their data across Vertafore solutions, said account servicers were able to quickly see all of the relevant information they needed when talking to a client. Rather than clicking between systems and searching for information while talking with a client, account servicers were able to concentrate fully on the conversations they were having.
An agency leader reported that the staff was better able to focus on their client, resolve their issues or questions, and move on with their work. Resolving a question during the first conversation means the servicer doesn't have to return to the task later, rebuild the context, and make another call. Each interaction takes up less of the employee's available workload, leaving more capacity for the next client or task.
Connected data is essential to achieve Distribution Velocity
When staff can use data to speed their own work, the entire agency sees benefits. Questions are answered faster and more confidently. Connections between systems also allow work to more easily move between people and systems. Employees spend more of their capacity completing work, and the organization handles more volume overall.
This model is described as Distribution Velocity. Work can move through the insurance distribution chain faster, with greater coordination, precision, and purpose. An agency can be more productive with less friction.
Data is the foundation for Distribution Velocity. When data is connected to insurance-specific solutions and staff are able to access it where it can be useful to them, work can move more easily. Every participant in an agency has greater capacity and can operate in sync.
For agency leaders, the opportunity is to turn that capacity into room for growth. An agency that can take on more business without adding resources at the same rate has more flexibility in how it responds to changing client needs, market opportunities and workforce constraints. A strong data foundation gives agencies more room to decide where their people can create the most value and where technology can carry more of the workload.