Rather than approaching big data as part of a complete system overhaul, agencies should work from within.
Companies should begin with data stewardship, working with data that’s already available to analyze internal operations.
Again, it’s crucial to understand that analyzing data doesn’t have to take place within the context of a BI overhaul.
Agencies can start with something as familiar as an Excel spreadsheet, cleaning up data as a starting point to then harnessing that information to improve company processes.
Once companies have gathered and cleaned up that data, it’s vital to make it both measurable and visible.
Unless that data is visible and clearly measured, agencies won’t be able to do anything to then influence that data and improve company operations.
When considering how to use big data, insurance agencies should move away from the notion of using that data in ways that are specific to the insurance space.
Instead, they should get into project-management mode, using data to analyze, for example, how long a renewal process takes, how many days it takes to get a certificate for clients or how many days it takes employees to complete a given project.
Once they’ve made that data visible and measurable, agencies can analyze and utilize that data to improve internal processes.
In short, start small with big data, and start from within.
How data can help a broker differentiate from the competition At its core, an agent’s primary role is to provide service to their customers.
It’s important to always keep that front and center to a company’s mission, and to apply that service-focused mindset to utilizing data.
Agencies should develop realistic expectations that center around what a company can truly achieve with data to set themselves apart from the competition.
It’s great to be able to talk about cost savings for clients, but it can be difficult to produce those reports, and more difficult than most agencies realize.
Instead, they can focus on using data and shift the focus internally.
From there, rather than presenting murky data on cost savings analysis, brokers can produce hard data to clients on speed and quality of service.
For example, brokers can show clients that most agencies take three to four days to produce a COI.
After examining internal data and working to improve their own processes, an agency showcase their competitive edge to clients – that it only takes their agency 24 hours to get a certificate.
How specialization will help agencies excel & keep a wrap on data Specialization is important both within and outside the context of data.
Clients and consumers in any sector want to work with individuals and companies that are experts in their niche.
Being able to showcase this expertise, which is especially powerful when based on hard data, is a significant asset for client-facing operations.
Specializing helps agencies make predictions and show important benchmarks to clients, presenting compelling data on how their organization specializes.
Brokers will be able to show prospective customers the industries they cover, and within those industries, what kind of coverage most clients get and what they’ll pay for that coverage.
Rather than overhauling an entire company’s data analysis system, an intimidating process that may not yield the results an agency is looking for, insurance agencies should use data to play to the strengths they already have.
Agencies should start with the niches they already know extremely well, and present that knowledge and expertise using hard data to bring in more business.
In this way, agencies can excel by using data in the way that makes the most sense for their particular agency – by starting small, and working from within.
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