Hidden insights: Why data is an agency or brokerage’s most valuable resource
Written By: Mark Saldaña, Product Marketing Manager
Within the last few years, the hype around data has reached a fever pitch. Big Data, Data & Analytics, Data Science, and Data Analysis are just a few of the phrases you might come across when reading about some of the hottest trends in the insurance space.
Within your business, you likely have data spread across multiple systems, such as:
Spreadsheets and databases
Customer service software
Agency management systems
Additionally, you may have other books of business that you’ve obtained through mergers or acquisitions, and data within these books of business might not be integrated into your management systems.
But what does data mean for the average agency or brokerage? Businesses in the insurance industry have some of the most robust data, and nearly every agency is sitting on mountains of valuable information about their customers, the market, and their revenue streams. Unfortunately, most teams don’t have the knowledge of technical expertise to translate this disparate information into actionable insights.
If you could structure and organize this data, what would you be able to uncover? You’d be able to answer questions like:
How can I increase revenue without bringing on a single new customer?
How do my most important customers compare to other businesses in their industry?
Which carrier should I focus on the most in the next year for organic growth?
Which industries has my team been most successful in?
The truth is, data is the most valuable asset your agency or brokerage has. But it’s up to you to take the first step toward translating your scattered information into insights that everyone on your team can access.
Want to learn how to unlock the insights hidden within your agency or brokerage’s data? Download the data sheet for RiskMatch, our new insurance intelligence solution.