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3 Ways Real Time Data Will Skyrocket Your Business

Mass amounts of data have the power to knock us off our feet. Thanks to technological advancement, agencies now have access to more data than they know what to do with. From social media to global data, telemetry to industry reports, customer details to claims reports, and actuarial data to public records, agents don’t have the ability to process this data to get the key insights they need to better run their agencies.

The whole point of gathering all of this data is to turn it into actionable insights that agents can use to better understand their consumers, processes and carriers. Without that knowledge, data is more of a hindrance than an asset.

Real-time data analysis lets your agency leverage the data coming in and turns it into information you can use. The power of real-time analysis is that you don’t have to wait days or weeks to get information from your data. You will always have current data giving you up-to-the minute insights about your consumers, their habits and any changes to the market.

There are three specific areas where real-time analysis is best put to use: negotiations, the customer experience and agency growth.

Negotiations

Brokers spend their days communicating with both consumers and carriers. They are in a unique position to benefit from two distinct streams of data. Brokers can use carrier data to find the best solutions for their customers, and consumer data to best package risk for carriers.

The Customer Experience

The data that agencies have isn’t limited to the world of insurance. It pulls from social media and cultural trends. This data is exponentially valuable because it helps agents and agencies understand their consumers and bring value to their relationships. Not only does this information have the power to improve your current customer retention, but, if used correctly, it can create engaged advocates for your agency.

Growth

Growth is a common goal in every kind of business, industry and department. Most don’t want to grow just for the sake of growth, though. They use data driven insights to determine which areas are most prime for growth. Carriers are looking for data to mitigate risk. Brokers are looking for data to better their relationships with customers and carriers. Customers are looking for data to determine the best bang for their buck.

 

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