The concept of data can be intimidating to independent insurance agencies, but even if you don’t realize it, you’re already constantly working with data. Customer names, contacts, policies they own or don’t own. Each of these are pieces of data that build your entire agency. Without all this insurance data, you would not be able to sell to or serve your customers as effectively. Simply put, increasing the value of your data directly increases the value of your agency. In this article, we will tell you how to do just that.
The value of data
When you have data about your customer demographics, the products sold in your agency, and your revenue, you have extremely valuable information. This can help you strategize and market to new customers or to increase the sales of existing customers.
If you̵7;re using an insurance CRM, you’re already on your way to making the most of your agency’s data. Insurance CRM tools not only help you collect the right types of data, but help you understand what you’re seeing. The key to getting the most out of your data is collecting it properly and regularly working with it to keep it clean and fresh. Every data set gets old and they lose their value.
Deliberate data collection
Long story short, bad data won’t help you. Since your CSR staff will be doing most of the insurance data collection on a day-to-day basis, they need to understand the importance of capturing complete data and treating each piece of information as vital. Something as simple as a zip code can seem unimportant.
Maybe you’ve seen one of your employees enter “99999” into your insurance CRM if they didn’t know a customer’s zip code. Now none of the customer’s data will be valid when you want to sort clients or policies by location. Without measurable data, you can’t make changes to grow your agency.
Good data hygiene
Practicing good data hygiene keeps your data as valuable as possible. This means entering information that is as error-free as possible, storing it in a central, error-free database, updating information regularly and purging any outdated information. However, good data hygiene goes beyond collecting data in an accurate manner. There needs to be a greater policy and procedure for how the information can be used to drive revenue and growth.
Insurance agency automation can help create workflows that are anchored around good data collection practices so that over time you’ll have a “scroll through” view of your business that will help you identify more opportunities to sell. Good data keeps you aware of all your options, which in turn makes you better prepared to act.
Leverage data through predictive analytics
Predicting customer behavior is one way you can leverage your insurance data to help your business. Predictive analytics goes beyond identifying customer behavior and trends and uses data to predict future outcomes. An insurance CRM tool can use predictive analytics to inform pricing, identify customers likely to drop or drop coverage, analyze risk, and map future trends.
The more accurate customer information provided by predictive analytics models plays a role in increasing revenue. 60% of agencies use predictive analytics in a Willis Tower Watkins survey report that the tool has contributed to increasing sales and profitability. 67% of respondents say they are now also seeing significant cost reductions.
Using data to grow in 2022
Here are some other ways you can leverage your insurance data for growth in 2022.
CARE-based distribution channels
Many agencies are adopting the CARE model for better customer service. By incorporating insurance agency automation and digital tools like insurance CRM, you can offer more convenient and accessible customer experiences. The CARE model is focused on:
- Convenience- The ease with which one can buy insurance
- Advice – Customers should have access to all the information needed to make product choices
- REach- Make it easy for customers to get the products they need when they need them
With more digital capabilities across all distribution channels, you can stay more competitive as more customers demand CARE experiences.
access to data and streamlining payments by automating estimates and inspections. Your claims are resolved faster and your customers are happier.
Chatbots are becoming so popular that until 2025, they will drive 95% of customer conversations and interactions. Using AI and machine learning, chatbots can answer common questions without human intervention or escalate issues to the right team members, saving both time and money. Chatbots play a major role in automating insurance companies and can help you streamline interactions and learn about your customers’ online behavior.
The best insurance CRM for data
The best way to get the data you need to grow your business is through insurance company automation and an insurance CRM. InsuredMin is an all-in-one platform that helps you grow your agency with sales, engagement, analytics and mobility. No other insurance CRM offers functionality, integrations and user-friendly design. InsuredMine offers everything you need without expensive add-ons or clunky integrations. If you want the best insurance CRM, you want InsuredMine.
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Leverage your data and transform your agency with InsuredMine. Contact us to start a free trial today.