The Benefits of Data Analytics for Insurance Businesses

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“Data” this. “Analytics” that. You’re probably tired of hearing all these buzzwords. They’re just useless hype anyways, right?

Not so fast.

Taking advantage of data analytics can actually make all the difference between a failing insurance business and a thriving one. Here’s how data analytics can help you improve the performance of your business.

It can help you increase profitability

Insurance is traditionally a “paper and ink” business. But, today’s agent is outmatched by the consumer who has unlimited access to information on the Internet.

Meanwhile, what data is the agent using? Sadly, most of them aren’t using anything more sophisticated than the agency’s quoting software and email. Here’s where new digital platforms and data analytics come into play.

Analytics can tell you who owns what policy, how many policies they own, and where potential gaps in coverage are. And while insurance brokerages can keep track of policies in their current database system, they often can’t share that information with other offices, and sometimes it’s even difficult to share information with other colleagues in the same office.

Being able to see and share data allows agents to make smarter, more personalized recommendations to customers, cross sell products when appropriate, and stay on top of customer insurance needs.

For example, if …

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