There is no question that insurance is a complex industry. As an agency owner, you’ll know how intricate your customer portfolios are. The scenarios are endless for business, household, car, and even pet insurance. This means your product must cover just about any eventuality.
At the same time, your agents must ensure that customers receive the service they expect. And on top of that, your agency and daily activities must comply with the relevant laws and regulations.
None of this is easy to do consistently, no matter how long an insurance agency has been in business. To stay competitive while juggling all these other aspects of your business requires a solid strategy. Forming a massive part of that strategy is analytics.
In this article, we’ll explore the benefits of incorporating analytics into your agency’s workflow and how JenesisNow can provide the insights you need to run your agency at a top-tier level.
The Power of Insurance Analytics
In an insurance context, analytics give agencies valuable insights into customer behavior and preferences. This directly influences an agency’s decision-making process and determines the type of marketing campaigns they send out. Your agency depends on a vast amount of data to keep going. This data includes customer information, policy details, claims history, and market trends.
Analytics are crucial for the following:
- Improving Underwriting – The insights provided by analytics can help you assess risks more carefully and accurately. This data leads to better underwriting decisions. In turn, it reduces the rate of claims and increases profitability.
- Creating a Positive Customer Experience – A thorough understanding of customer behavior and preferences allows your agency to offer specifically tailored products. When customers find what they need, it equals higher customer satisfaction and excellent retention rates.
- Optimizing Pricing– Insurance can be expensive, which makes people hesitant to take out policies. Analytics can help you set optimized premiums because you can base prices on demographic data, risk profiles, and claims history. This means using analytics can help you maintain competitive pricing while continuing to make a profit.
- Detecting Fraud– Fraudulent claims can cost your agency millions and even close your doors. There is no guarantee that you will ever recover money paid out for fraudulent claims. Therefore, it is best to prevent this type of situation from happening. Advanced analytics can identify unusual patterns in claims data. It will alert your staff and help your agency avoid potential losses.
- Streamlining Operations– Analytics can also optimize internal processes, such as claims processing and customer service, by identifying processes with the longest wait times. This feature will increase overall efficiency, improve customer service, and cut down on operational costs.
Enter JenesisNow: Your Analytics Partner
Most insurance agency management systems have a built-in analytics tool to provide the above benefits and more. At Jenesis, we understand the impact of analytics on the day-to-day operations and bottom line of insurance agencies. Our JenesisNow management system contains all the data tools you need to run a successful and competitive agency. You can integrate this cloud-based system seamlessly into your existing daily operations.
Data Integration and Management
Our web-based software solution can help you manage an existing customer base, market to prospects, and build relationships. All the data you need to make your agency work is centralized on one platform, making it easy to pull analytics reports as required.
The JenesisNow system has an analytics dashboard that provides real-time insights into your agency’s performance. You can use this dashboard to track key performance indicators (KPIs), monitor active policies, and track pending renewals.
The dashboard allows you to customize the reports you want to see. For instance, if you want to track policy renewals, there is a report for that. If you want to see the claims data for any given month, there is a report for that, too. You can assess customer satisfaction and agent performance via your PC or on your smartphone.
Data-based Forecasts and Decisions
Furthermore, agency managers and executives can also use JenesisNow data to create forecasts based on real-time data. These forecasts could include periods when customers are more likely to buy or renew policies, as well as common reasons why clients don’t renew their policies.
Managers can also use metrics such as commissions earned and time clock data to determine agent productivity.
Last but certainly not least, JenesisNow’s analytics tools will give you the customer insights your agency needs. You can use these insights to create new insurance product packages and develop ad campaigns that speak to the right audience.
Analytics tools for insurance agencies are no longer a luxury. They are a necessity if an agency wants to survive the highly competitive insurance market. With Jenesis Software’s highly intuitive insurance agency management system, your agency can harness all the analytics it needs to make decisions that will carry your business into the future.
Contact us for more information or schedule a product demo today.