Brokers shouldn't be intimidated by the vast amounts of data they collect, says expert
Data analysis is a deep and complicated topic, and not one many brokers want to dip their toes into – however, experts say that a solid data strategy can often be a key differentiator for clients when they are choosing who to work with.
Harnessing the immense amounts of data that a broker deals with is undeniably a daunting task. Nonetheless, there are endless benefits to doing so – it streamlines a broker’s front and back office, creates better customer engagement, and on the insurance side it can also influence the claims management process.
“There is no shortage of data available to brokers,” Robin Chua, vice president – analytics, Australia at EXL Service stated.
“The problem has been getting access to the data, and analysing it in a meaningful way. Siloed data has long limited the ability for back-office efficiencies, however as information has become increasingly free-flowing, brokers are able to take a deeper look into their historical data.
“When implemented correctly, a data-driven strategy can create better customer engagement and relationship management,” he explained. “ It can impact the claims management process by pooling data across the client portfolio and identifying a number of revenue influencing trends. The options are limitless, but they should not be overwhelming.”
Chua says data can also provide broker a ‘snapshot’ of a client’s activities that may influence their financial situation, and it has the potential to do this very quickly and thoroughly. Though recent developments in client management systems have made things somewhat simpler, there is still a lot of untapped potential across the board.
“As in all areas of business, technology plus data is a game changer for brokers,” he concluded. “In the right combination, businesses can build both efficiencies and analytic insights designed to assist in the decision making process. The problem is deciding where to start.
Regardless of where you choose to begin, putting your data to work will create a competitive broker – one prepared to create savings and outstanding client service. It’s time to get started.”