Data Is King!
David C. Cooksley | President, Quikfuzion
Possibly the greatest change in technology over the past decade in the agency business, is thatagencies realize Data is King and they want to take advantage of all their data. Up until recently, agencies had to rely on data residing in their agency management systems and how to use it effectively. With the onslaught of Insurtech, agencies can choose from a wide variety of solutions to try and analyze their data for cross selling, marketing, claims and trying to understand their customers. In other words, utilizing data to make better business decisions for the agency.
Many agency management system vendors have tried to limit access to the agency’s data, and many hold the data hostage if an agency tries to leave and choose another system. The data belongs to the agency as proven over countless times via our court system. The agent isresponsible for collecting, storing and updating data daily. So, wouldn’t it be nice to utilize agency data to be more productive, sell more policies and service customers efficiently to help with retention and new revenue?
Having accurate data is essential for agents to make informed decisions about risk, pricing, and product offerings. For insurance agencies to provide the best possible service to their clients, it is essential that they have accurate data they can easily access.
With the right tools, you can liberate your data and streamline your agency’s workflow with integrated automation tools. Datasets like AL3 and ACORD XML can help you efficiently and effectively manage your business operations.
How does automation integrate with AL3 and ACORD XML?
The ACORD XML is a schema for the formatting of insurance data in a uniform and standard fashion. Automation systems that are capable of reading and writing in these formats can exchange data with each other more easily, which can lead to improved efficiency and accuracy.
What are some common applications for automation?
Sales & Marketing
Integrating with products made to automate outbound email, text messaging, and personalized landing pages can drive more sales by segmenting your data into personas. There are new Insurtechs popping up every day with new solutions to explore, but you will need accurate and clean data to leverage them but more importantly, the right to access the data.
Service
Identify insured timelines to target messaging at specific intervals, policy anniversary dates or familial birthdays. Identify changes on the insured or policy level that create follow ups or additional aftercare and automate these activities.
Book Rolling
Maximize that new carrier you have by identifying policyholders that fit the new program and pass along the information to get new rates, create proposals, and send them along electronically to maximize these opportunities. When a carrier exits a State, the agency will need to move a book of business in an efficient manner, otherwise, it can bog down an agency.
What are the benefits of using automation in the insurance industry?
The insurance industry is constantly evolving, and with that comes the need for new and innovative ways to streamline processes. Automation is one of those ways, and it can offer several benefits to insurers.
Automation can help to improve accuracy and efficiency in claims processing, for example. It can also help to speed up the underwriting process, and it can make it easier to identify and track potential risks. Automation can also help to improve customer service, by allowing insurers to respond more quickly to inquiries and claims.
Overall, automation can help to improve the overall efficiency and effectiveness of insurance agencies. It can help to speed up processes, improve accuracy, and make it easier to identify and manage risk. This can lead to a more streamlined and efficient industry, which can benefit both insurers and policyholders.
With the right integrated automation tools, you can improve your business efficiency and bottom line.
Consider Insurtech solutions that can help your agency understand data to make better business decisions.
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This material was supplied by the author to the National Insurers Alliance, www.nationalinsurers.org. The NIA is dedicated to providing industry-leading support, materials, and media.
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