Making decisions based on a hunch might work out well for detectives in mystery novels, but it’s rarely the best option for running your business. As an insurance carrier, you should be making decisions based on one thing and one thing only: data.
Take pricing and entering a new market, for example. Your distribution team would never price a line of business without analyzing your past wins and losses. Likewise, marketing wouldn’t recommend jumping into previously uncharted territory without meticulous research to back it up.
Neglecting to use data in your organization and returning a Sherlock Holmes book to the library before you’ve finished it are one in the same – you don't get the full story. So, before you make your next big business decision without data in your back pocket, take a look at the top 3 rating and marketing misconceptions you can bust with data.
1. You've achieved market dominance
Even when you think you know your percentage of market share like the back of your hand – wait, I've never noticed that freckle before! – you can’t be 100% certain without a clear view of the market. But with the right data, you can easily identify which of your lines are sweeping up the lion's share and where you need to redirect your resources.
2. Your rates are competitive
Too high, too low, or just right? Figuring out where to price your products can be a tricky situation. And although you might think you have the perfect strategy, the data might tell a different story.
3. You’re ready to expand into a new market, territory, or state
Deciding when and where to expand is a lot more complicated than closing your eyes and pointing at a map. Don’t make your decisions in the dark. Your marketing team needs more than intuition and luck to make informed, profitable growth decisions for your company – they need data.
Here’s the bottom line. Your team’s skills are the foundation of your organization, but they deserve powerful insights to highlight their knowledge and take your insurance carrier business to the next level.