A Key to Improve Insurance Agency Performance
In the current digital world and ever evolving Insurance industry, Managing General Agents (MGAs) have to rely hugely on the data for increasing agency performance that comes from their day to day performance metrics, marketing campaign metrics and also individual agent performance.
The most significant changes to the overall performance of MGAs can be realized only when they are aware of the importance of data collated and also “how” to use it effectively.
For instance, MGAs deriving meaningful insights could mean to collect metrics related to Product sales performance, number of loyal & high valued clients in terms of revenue etc. and use the same to improvise their Back Office systems, to better their Distribution channels or implement better customer retention strategies.
If MGA’s data and analytics platform have the mechanism to integrate with other systems in the agency like distribution systems, policy management as well as lead management tools, they can easily experience a boost in individual Agent performance which in turn enhances the agency wide productivity.
The three major aspects that need consideration for a robust Business Analytics platform in an MGA set up are as follows:
Seamless Integration: Integration of all the significant facets of MGAs business like leads, quoting systems, Policy management, Compliance details, Marketing campaign metrics and more allows centralization of data using a single robust platform. Centralizing the data enables identification of opportunities for performance improvement and process optimization.
Availability: Avoiding complicated platforms that require multistep process that hinder quick access to real time data is very beneficial. Instant availability of real time data without any complications is the key to MGA’s success. MGA’s must pick and choose a solution that assists real time instant access to data.
Custom Reporting: Customized Dashboards and Reporting tools are vital to retrieve relevant information and gaining insights to information at a glance. This, thus helps streamline and aggregate important chunks of data from an easily accessible location.
With the latest regulatory changes globally, it is obligatory for MGAs to have information from the data available at very short notice to comply with State and Federal laws.
Equipping the agents with the right amount of data and constantly monitoring their performance on a timely basis definitely enhances the overall productivity of MGAs and also helps comply with the new regulations.
Gaining meaningful insights into an Agent’s performance could reduce overhead, lower average cost per acquisition and also ultimately rise profitability levels overall.
In strongly believe that, MGA’s should not keep themselves from maximizing their team’s effective performance, due to lack of data.
Divya Rajnikanth is an efficient IT Professional with over 9 years of overall experience. Previous to SPAN Infotech, she was associated with Cognizant and has held positions namely “IT IS Business Development Executive” and “SharePoint Business Analyst”. She comes with a blend of Business Development and Business Analyst experience over the course of her career.