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Insurance Agency Data: How to Leverage Your Data in 2022  

Have You Checked Your Insurance Data in 2022?

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The concept of data can be intimidating for independent insurance agencies, but even if you don’t realize it, you’re already constantly working with data. Client names, contacts, policies they own or don’t own. Each of these are pieces of data that build the entirety of your agency. Without all this insurance data, you wouldn’t be able to sell to or service your customers as effectively. Simply put, increasing the value of your data directly increases the value of your agency. In this article, we’ll tell you how to do just that. 

 

The Value of Data

 

When you have data about your customer demographics, the products being sold in your agency, and your revenues, you have extremely valuable information. This can help you strategize and appropriately market to new customers or to upsell current customers. 

 

If you’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 kinds of data but help you make sense of what you’re seeing. The key to making the most of your data lies in collecting it the right way and periodically working on it to keep it clean and fresh. Every dataset gets old and they lose their value.

 

Mindful Data Collection

 

Long story short, bad data won’t help you. Since your CSR staff will be doing most of the insurance data collection day to day, they need to understand the importance of capturing complete data and treating every piece of information as vital. Something as simple as a zip code might seem inconsequential.

 

Perhaps you’ve seen one of your staff enter “99999” into your insurance CRM if they didn’t know a customer’s zip code. Now, none of that 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 inputting information that is as error-free as possible, stored in a central, error-free database, updating information regularly, and purging any outdated information. Good data hygiene, though, goes beyond collecting data in a careful way. There must be a larger policy and procedure in place about how the information can be used to drive revenue and growth.

 

Insurance agency automation can help create workflows anchored around good data collection practices so, in time, you will have a “scroll through” view of your business that helps you identify more chances to sell. Good data keeps you aware of all your options, which, in turn, makes you better prepared to act. 

 

Leveraging 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 help inform pricing, identify customers who are likely to cancel or lower coverage, analyze risk, and map out future trends.

 

The more accurate customer information afforded by predictive analytics models plays a part in increasing revenue. 60% of agencies using predictive analytics in a Willis Tower Watkins survey report that the tool has helped increase sales and profitability. 67% of the respondents say they are now also seeing significant cost reductions. 

 

Using Data to Grow in 2022

 

Here are a few 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 provide more convenient and accessible customer experiences. The CARE model is focused on:

  • Convenience- The ease at which one can buy insurance  
  • Advice- Customers should have access to all information needed to make product choices  
  • REach- Make it easy for clients to get products they need when they need them

With more digital capabilities across all distribution channels, you can remain more competitive as more customers demand CARE experiences.

access to data and streamlining payouts by automating estimates and inspections. Your claims are resolved faster, and your customers are happier.

 

Chatbots

 

Chatbots are becoming so popular that by 2025, they will be powering 95% of customer conversations and interaction. By 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 big part in insurance agency automation 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 agency automation and an insurance CRM. InsuredMine is an all-in-one platform that helps you grow your agency with sales, engagement, analytics, and mobility. No other insurance CRM offers the 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.

 

Try InsuredMine Today

 

Leverage your data and transform your agency with InsuredMine. Contact us to start a free trial today.

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