Why connectivity may be your ticket to growth
Written By: Ben Funkhouser, Product Marketing Specialist
One of the most vital aspects of our industry is the connection between a carrier and an agency. We all want these connections to be a well-oiled machine that aid agencies in quoting and placing business where it’s in the best interest of the insureds. And on the carrier side aids in underwriting and rating that business, as well as gathering and analyzing the vast amounts of available data. But how do we get there?
Here are some ways that help you attain healthy growth through connectivity.
Easier and better quality book rolls
When you’re looking to expand into a new area or line of business agencies, agency analysis must be conducted to identify exactly where growth opportunities lie and that requires a connection. Gathering, evaluating and rating the business of agencies can be a daunting task, however, having the right technology in place can instantly ease the process. Each piece of data comes from somewhere, and more often than not it requires a request, download, book roll, or other types of connection with an agency. Your data analysis and growth potential can’t be slowed down by an inability to connect with and obtain vital data from the agencies that drive your business, write your policies, and help your customers.
Streamlined, secure connections
The importance of connectivity for growth cannot be understated, but it is just as important for these connections to be done the right way. In this world of information and data security, are we asking often enough how accurate and efficient our ways of requesting and collecting data are? Connectivity between carriers and agencies should be at an all-time high, but in order to fully realize the possibilities of these connections we must ensure that each transfer of information is accurate, secure, and instantaneous. Connections must progress beyond manual data entry and sending employees to an agency to conduct a book roll, which are unsecured and prone to human error.
Less data entry, more accurate data
Technology has allowed us to go from error-filled data collection and distribution to highly efficient and effective connections. A bad connection with an agency costs you as a carrier by forcing you to make decisions based on inaccurate information, increases the time your employees have to spend on non-revenue generating activities, and can create bad blood between you and that agency. A well-oiled, technological connection ensures policy data is accurate when sent in for analysis, and it aids you in managing the time and resources necessary to transmit vital data back and forth.