It’s possible you may be intimidated by looking into data analytics. However, it can really help you make better business decisions down the line. Let’s identify the different measurements you can look at to increase your agency’s performance.
Find Out What Your Data Means
Before you start using data-analytics software, spend some time understanding your data. You can do this by making a spreadsheet with the details that you have gathered from your clients such as their home and business addresses, birthdates, industries, store locations and number of workers. Include anything you find relevant.
There’s going to be a few things you are going to want to look at right away that will help you to learn more about your clients and who you really want to start monitoring.
- Which type of client is most profitable?
- Are commercial or personal lines more profitable?
- What is the retention rate by segment?
- Which marketing efforts best target new clients?
- What types of people make the best referral sources?
You have many different tools available to you in order to help you best succeed. You may be able to use data-analytics tools or features that are already in your agency-management system. However, if you don’t already this type of system, you could talk with other insurance companies you do business with and ask about the systems they are using. You may even be able to establish a partnership.
Too Much Data?
Believe it or not too much data is just as much of a problem as no data. It becomes hard to tell which data is relevant because there can be too much to sort through. You can solve this issue by getting sophisticated software to help you identify patterns and trends in the data.
The important thing is to not be intimidated by data analysis. Remember it will help you get to know your existing and potential clients. Using this knowledge, you will be able to better assist your clients and drive more sales to your insurance agency.