INSURANCE AGENCY DATA ANALYSIS AND REPORTS

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1 INSURANCE AGENCY DATA ANALYSIS AND REPORTS Using AgencyBloc to monitor the health of your business White Paper Series

2 Summary Approximately 90% of insurance agencies are currently using some type of system whether it be paper files and Excel spreadsheets, a generic CRM, or an industry-specific agency management system to operate their day-today business, analyze their data, and grow their agency. 1 However, many agents and agencies struggle to accurately and efficiently manage their data, analyze it, and make strategic decisions from it to better their business. Research from McKinsey & Company found that companies who use data analytics extensively are more than twice as likely to generate above average profits. 2 These companies are using technological means to turn their big data into smart data. 3 This affords them a deeper, more comprehensive look at the health of their book of business to make critical decisions for the future. Page 2

3 The inefficiencies created with systems not built for data analysis and reporting Problems with analysis for insurance agents stem from a variety of areas, but the two most notable are bad data and lack of analytic or reporting tools. In a volatile world, advanced analytics for In a study insurance allows you to identify new growth conducted by opportunities while protecting and optimizing McKinsey & your enterprise. Company, 20% of Ernst & Young respondents cited 4 poor data quality, data fragmentation (an extension of poor data quality), and the lack of data access as why their analytics initiatives fail. 5 The main culprit in these situations come from the system s inability to properly analyze data and sift through to create reports that are useful to the agencies. Bad data is what we define as dirty data or inaccurate data. 6 In essence, it s data that follows no order and is inconsistent in entry such as, inconsistencies in abbreviations, capitalizations, year formats, etc. One of the most significant challenges Utah-based insurance agency Altura Benefits found when facing data migration was the state of their data. Their previous system required them to enter their data into a variety of open fields that had no standard format, so their data was incredibly inconsistent. 7 Sams/Hockaday & Associates faced a similar dilemma as their old system allowed every user to organize and enter data in their own Page 3

4 way. When it came to consolidating and moving to AgencyBloc, their data required extra attention and cleanup. 8 Visual analytics give an overview of the general health of the organization whereas reporting tools dig in and present the data on a granular scale. Building and crafting custom reports is an ability many agencies lack when they use software that isn t built for their specific insurance niche. Illiana Insurance Agency, Ltd., a senior care insurance agency in Illinois, found their previous system wouldn t allow them to customize their reports, so they were rarely able to capture the information they needed. 9 Additionally, with systems not built to With our previous system, we had no way to refine and edit the report parameters and were left printing off 100+ pages for 10 pages-worth of data! Phillip T., D&S Agency 10 provide in-depth analytics and reports, doing so requires substantial time and resources: tracking down the information, extracting it, and manually manipulating it. In short, it s a tedious, time-consuming effort that often gets pushed to the side due to its nature. Making analytics more accessible and simplifying reports The key to simplified, focused data analysis and reporting tools is having the right software. Dashboard Analytics and Custom Reporting, two features available in AgencyBloc, make turning your big data into smart data straightforward and efficient. Page 4

5 McLaughlin & AgencyBloc is so easy to use, and it can do Smoak, an everything we need it to. With AgencyBloc, we utilize employee benefits our data much better than before and can track all agency in South of our information, run reports, and monitor our Carolina, relish the agency s growth and health. customization and Amy L., Altura Benefits reporting capabilities 11 AgencyBloc offered, and use these feature to document all client encounters and extensively track progress with client growth and new business. 12 With an industry-specific agency management system like AgencyBloc, agencies are able to pull the reports that make sense for their life and health insurance agency. Additionally, they can track essential data and have overviews at their fingertips to give them insight into the areas of their business that are thriving and those that aren t so they can identify opportunities for improvement. With AgencyBloc, tracking your book of business is Reports and information that we often have to take time to collect from different places can be exported from AgencyBloc to a spreadsheet with one click. Sheryl C., Vista Point Insurance Services 13 simplified and efficient. Custom Reports can be built once and saved to run over and over while interactive graphs show you analytics in real-time so you can make more informed business decisions with the latest information. You can share these reports and analytics with other associates to make the process even more seamless. Page 5

6 Is AgencyBloc a good fit for your insurance agency? SIGN UP FOR A LIVE, ONE-ON-ONE DEMO OF AGENCYBLOC. You ll be able to discuss your agency s specific needs and see the application in action. Page 6

7 Sources 1. Truetel, Angelyn. Top 10 Reasons to Use an Agency Management System. Independent Insurance Agents & Brokers of America, Inc. 2. Data Analytics: The trend that s reshaping the insurance industry. Applied. 3. [ebook] What is Smart Data? Using Your Data to Grow Your Insurance Agency AgencyBloc. 4. Advanced analytics for insurance Ernsty & Young, Balasubramanian, Ramnath, Khushpreet Kaur, Ari Libarikian, and Noor Narula. Raising returns on analytics investments in insurance. McKinsey & Company, July Babberl, Allison. Why Clean Data Makes a Difference. AgencyBloc, 21 February Case Study: Altura Benefits. AgencyBloc. 8. Case Study: Sams/Hockaday & Associates, Inc. AgencyBloc. 9. Case Study: Illiana Insurance Agency, Ltd.. AgencyBloc. 10. Tarpley, Phillip. Personal Interview. 10 January Case Study: Altura Benefits. AgencyBloc. 12. Case Study: McLaughlin & Smoak Benefits. AgencyBloc. 13. Testimonials. AgencyBloc.