Denver, CO, October 10, 2019 – It’s all about data and analytics in the insurance industry today, and agencies are leaning into advancements in InsurTech to better their business. The transition to a data-driven agency has been front-of-mind for several years, but the adoption has been slow to start.
Vertafore’s Insurance Podcast (VIP) has picked up the conversation, focusing on data and analytics in the episode “Take the Guessing out of Guesswork with Chad Hawkinson.” Chad is the Chief Product and Data Officer at Vertafore and has built out a wider conversation surrounding the future of the industry’s relationship with clean data, saying, “Get started. Don’t be afraid of data. Don’t delay it. Just get started.”
The industry’s adoption of InsurTech, and more specifically, of data and analytics, has been slow, but there is urgency in choosing to progress rather than to regress. There are ways to build out your vision for the future of the industry and your agency, but much of that will involve, like Chad mentions, just getting started. But where to begin? It’s easier to sort out your relationship with data and analytics when you break down how it can be useful for you, problem by problem. Tackling a wide scope of information all at once will do nothing but overwhelm you and your team, taking the focus off what data is supposed to enhance: the customer experience.
That’s where finding a new solution comes into play. Using an intelligent solution will cut out the middleman and give you actionable insights into all areas of your business. The McKinsey Global Institute reports that data-driven organizations are 23 times more likely to acquire new customers, six times as likely to retain them, and 19 times as likely to be profitable as a result of their efforts.
All of the information that’s at your fingertips will help you get a wider image of the state of your agency, and while it’s easy to get caught in a reactive state, tackling more urgent issues, taking on the bigger picture will help you focus on growth. That growth includes better serving your clients, an integral part of your journey with data and analytics. Chad drives home how crucial it is for your agency to find your place in that data journey, saying, “Even if it’s a small initiative, get started, and you’re going to learn from it. Get started on your data and analytics journey.”
Think about all the ways that implementing data and analytics could change the face of the industry, and more specifically, your business. These tools give you the ability to underwrite new risks, giving you the information you need to grow your business in real-time. Studies have shown that insights-driven businesses are growing more than 30% year over year, and by the year 2021, they are predicted to take away over $1.8 trillion from their less informed peers. The data trend is not going away, so unless you’re planning on falling behind the competition, now is the time to get involved.
Forbes reports that 79% of executives say that not embracing big data will cause companies to lose competitive position and risk extinction. In an industry like ours, where there is an agency around the corner ready to adopt whichever unsatisfied customer walks out your door, it is vital to make certain you have the insights in your corner that give you a competitive edge. Not just any insights – you need actionable information, the kind that gives you more tools in your toolbelt, that you can bring to the decision-making table. Adopting the systems and processes that make you a data-driven agency will help you take the guessing out of your work and allow you to start knowing everything you need to shut out the competition. And all you have to do is just get started.
To learn more about data and analytics in the insurance industry, listen to the Vertafore Insurance Podcast episode with Chad Hawkinson.
For over 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior InsurTech solutions to connect every point of the distribution channel. Vertafore’s agency management, ratings, regulation, compliance, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider—including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference. For more information about Vertafore, visit www.vertafore.com.
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