Tag: Data

What Can You Do With 50 Petabytes of Data?

Over the past five decades, our industry has collected over 50 petabytes of data—that’s a huge pile of information by anyone’s calculation—including demographics, financial and purchasing history, and many other pieces of potentially valuable information collected by insurance companies. Alone, it’s just data—basically zeros and ones—however, when amalgamated, analyzed, and put to use, it has tremendous power to find bottlenecks in our business flows, help guide our customers through a lifetime journey of financial awareness and family protection, and present new opportunities for agents and advisors to grow the business.

I can say with confidence that we have the technology and tools to put that data to good use not only in the future, but also today- something you won’t easily find, short of hiring an army of data scientists! Let’s take a step back and look at some examples of how to best utilize all of that data:

Here are five big data scenarios that could make an impact on your business.

  1. Consumer Bailouts
    Most of us spend a lot of time and money driving people to our websites and creating a customer journey experience that results in a quote. But how might we use big data to drive people through a different, more effective workflow? For those who are direct marketers, your data will tell you where consumers bail out from the buying process. Smart systems can drive the consumer through different workflows, selecting the best path based on their answers along the way. Machine learning can help further improve rules and workflows for the benefit of insurance companies and individuals.
  1. ‘Know Before You Go’ Quotes
    Why give consumers an approximate price when you can let them know the exact rate and the best carrier that fits their situation, based on analytics? By looking at the consumer as an individual, we can give them an exact price, their percentage chances for approval, and the shortest path to a policy. With all of this powerful data, maybe you decide not to give an individual too many choices—just the top three—so that they’re more likely to make a purchasing decision on the spot.
  1. Growing Your Book of Business
    Perhaps obviously, you can leverage your data to increase new business. We recommend using a third-party tool to continuously scan your data to see what’s happening in an individual’s life. Someone may have just bought a home and could use more coverage. Others may be looking to buy other types of insurance, like home and auto. With Artificial Intelligence capability, you’ll be able to use these tools to create an automated quote based on what you believe they need, according to the data.
  1. Cross-Selling at Delivery
    People may not want to be sidetracked with additional recommendations until they reach the end of the sales cycle. But, once a policy has been issued, what else might they qualify for? You could, for instance, send them a car insurance quote based on what you know- and then ask them to apply. Overall, to reach a successful outcome, you need both the analytics and a way to manage them.
  1. Your Best Rep at the Ready
    What if you could drive consumers to the rep who is best suited to speak with them? This is a potential gold mine within your business. Some of your reps may be more empathetic in certain situations (for instance, difficult health issues) than others. Simply stated, some reps are better at getting those individuals through the process. Sometimes it’s hard to identify them; however, machine learning and analytics can automatically drive those consumers to your best reps. Ultimately, this approach provides significantly better customer service and also helps drive more sales.

So how do we bring it all together?

Our InsureSight® product leverages data analytics and delivers AI technology that makes all the data work for you. We can amalgamate, massage, and help you interpret your data to make the most impact on your business, with the end goal of helping more families feel safe and confident.

If you want to take a deeper dive, check out the recent LIDMA webcast I did with our CEO Larry Berran called ‘Rise of the Machines: Using Data and AI to Grow Your Business’. You can also find more detailed information on the InsureSight product page.

BGA Panel: How Data is Driving Better Performance & More Business

A recorded session from NAILBA39: Engage

AgencyONE, Lion Street and Gen3 Advisor Group have all made investments and commitments to move their organizations to be more data-driven. In this panel, you’ll hear from executives at these three organizations as they share their successes with agent performance, agent recruitment, placement lift and more. After viewing this session, you’ll gain insights into how data can guide your strategies and empower you to confidently make changes in your business.

The Value of Data During Difficult Conversations

“I need a new case manager, this just isn’t working out”— how many times as a BGA has this topic, or some iteration of it, come up in your organization? Probably too many times to even think about. The typical course of action is to prepare for a somewhat tenuous dialogue with the case manager in question- dig through case notes, collect statements, make assumptions to piece the puzzle together. It’s possible you’ve thought about adding “P.I.” to your title.

What if there was a way to replace this sleuthing with concrete information to help make an informed decision on your course of action? The key lies within the data of your agency. Certainly, at the end of the day, some tact is still required on your part. But your data can help provide you with a solid foundation to smoothly initiate what otherwise might be viewed as a challenging conversation. That’s where InsureSight comes in.

By taking a look at scorecards—InsureSight’s means of quickly evaluating an individual against the average—you can discover some direction towards your end path, and view these both from a case manager and an agent perspective:

You can check up on how many cases the manager has in comparison to average, what their cycle time looks like, and what their placement ratio is. Similar information is also present for the agent. This insight can shed light on a possible training issue, an opportunity to improve performance, or perhaps the chance to make a better pairing of agent and case manager.

CARRIER CONVERSATIONS
Let’s take a look at another potentially heavy conversation: the carrier meeting. Similar to how you can utilize scorecards in the agent/case manager scenario, InsureSight also provides carrier scorecards.

The data provided here represents not only a fast way to start strategizing together, but also a time savings of epic proportions. Definitely beats hours upon hours of prep work!

Perhaps even more impactful is the Carrier Performance view. This is particularly useful to see how your agency is performing relative to all the other agencies dealing with a specific carrier.

You may discover that despite achieving well above average placement ratios for a significant caseload, your cycle time is lacking. InsureSight has shouldered the burden of starting a chat where you want to convey you’re underappreciated or under-resourced.

Difficult conversations are inevitable, but numbers can provide the power to have the discussion.

Check out how Highland Capital utilizes InsureSight to not only conquer their tough conversations, but also make intelligent operational decisions, in this webcast.

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