Insurance agencies and brokerages are drowning in data. It flows in from clients and prospects, through client servicing teams, and out to carriers, who also send back data for agents and brokers to process. Like many industries, ingesting data efficiently is critical in the insurance space. A separate and equally critical step often gets overlooked: harmonizing data to maximize its effectiveness.
Agency management systems excel at capturing and organizing data; everything from client account details to submissions and service requests. That’s why they serve as the backbone of daily operations for thousands of agencies and brokerages. But these firms also need technology that goes beyond intake, helping them connect and analyze that data to drive smarter, strategic decisions.
According to an Accenture blog, a typical commercial insurance submission includes 300 to 500 pieces of information required to understand, evaluate, and quote coverage. For an average producer at a mid-sized brokerage generating three to four quotes per day, the volume of data accumulates rapidly.
Imagine the impact of tools that don’t just capture data, but turn it into insights, unlocking ways to translate submission volume into sustainable growth and greater profitability.
- Which submissions represent incremental business for existing clients?
- How could directing these new submissions toward our strongest carrier relationships accelerate commission growth?
- How much revenue growth could we unlock within our existing book of business by repositioning existing policies into our strategic carrier partners who offer equivalent coverage?
By harmonizing the data agencies already hold, these questions reveal insights that accelerate growth, increase win rates and improve client satisfaction, enabling producers to excel and firms to reach their growth and profitability objectives.
Broker Insights works across more than 30 agency management systems and has seen over 1,600 different product categories being used. Its analysts have synthesized these down to just 137 standardized categories. When data is harmonized into more manageable buckets, providing insightful analysis of broker data is significantly more achievable.
The best part? Advances in technology and AI mean there are data harmonization solutions available to enhance brokers’ existing systems, typically without the burden of costly, time-intensive IT projects. Success comes down to a brokerage’s willingness to fully harness its data to unlock lasting growth and profitability.
Imagine reaching your revenue goals faster, with the knowledge and efficiency that stronger decision intelligence brings to your business.
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