Data: Your Agency’s Secret Weapon

Two women talking while seated at a table with a laptop open.

Don’t let your agency’s data go to waste. The information collected from your management system and rating engine could be the secret weapon that improves your business at every level of operations. You can use data to identify opportunities for gaining and retaining more clients, track your agency’s health, and understand where your company excels and where there’s room for improvement.

With all the data your business has access to, it can be tough to know how to use that information. You don’t want to be stuck sorting through all those stats manually. That’s why having software that helps you easily sift through the data for valuable insights is critical. Let’s run through some of the capabilities you’ll want to look for when evaluating data analytics software.

To get the most out of your data, you’ll need agency software that:

  • Collects data from both your management system and rating engine
    Your software should collect every available piece of data to deliver a clear picture of your agency’s metrics, so it needs to pull data from both your management system and rating engine.

  • Sorts through your data to identify opportunities
    You don’t ever want to miss a chance to sell. Ensure the analytics tool you choose can parse your data to identify new prospects and cross-sell opportunities.

  • Uses data to help you measure agency health
    Data on sales and client retention, such as the number of total policies, canceled policies, and total premiums, can tell you if your agency is staying healthy and competitive in the market.

  • Leverages data into insights on sales
    After identifying a potential sale, you’ll need tools that help close the deal. The right data analytics software will sort through data for info about who to sell to, what products to offer, and when to approach a prospect.

  • Analyzes data to deliver peer benchmarking
    You need to know how your agency’s doing compared to the rest of the industry. To do this, you’ll want software that shows your agency’s growth and profitability metrics next to average industry metrics.

  • Separates data by agency branch and location
    As your agency grows, you may operate across several regions and/or offices. You’ll want to have the ability to separate data by each location to understand the strengths and weaknesses of every branch of your business.

  • Has dashboards that help you set and track goals
    Do you have goals for your agency? Dashboards that graphically display insights from your data to show how you’re progressing towards goals help keep you on track so you can meet your performance targets.

  • Delivers personalized analytics reports
    With personalized analytics reports, you can create graphs that only display and compare the data you need at any moment. This way, you don’t waste time sifting through excess data you’re not interested in.

Your agency generates tons of data over the course of its operations – why not use it? Unlocking the power of your data with the right analytics software could be the secret to your continued success. We hope this blog has given you a good idea of where to start when you’re considering how to leverage your business’s data into profits and growth.

For more information about how the right software can help you capitalize on your agency data, including an 11-point checklist to ensure you’re getting the full benefits of data across your business, take a look at Leveraging Data Into Growth and Profits: An EZGuide.