The cost of using static data in commercial-lines is high. Though to many brokerage principals, it can be hard to see. Why? Because when you're removed from the day-to-day operations of CSRs and Marketers, you can miss the impact of workflow inefficiencies.
What is static data? It's data that is stuck or trapped in a given system. It's non-machinable. Think of a classic CSR workflow. Every time someone has to copy-&-paste information from their BMS to a Word document, they're working with static, non-machinable data. It's trapped.
It's that simple: if it has to be copy-&-pasted to be shared, it's static.
(This is in contrast to machinable data. This is data that, once entered into a system, can be used over and over in different ways without having to be retyped. Machinable data can be exchanged between systems without having to be copy-&-pasted. It's dynamic.)
Here are 3 costs of using non-machinable data in commercial-lines.
1. Less productivity = less profit
This is almost clichéd. But unfortunately it's completely true. Each time one of your commercial-lines staff re-enters data, or copy-&-pastes information they are wasting time. This is time that could be used to build relationships with customers. Or focus on revenue generating activities like cross-selling.
The sad reality is that many staff are overwhelmed with the work they have. Almost daily, staff they struggle to complete it. And quite often, the lion's share is spent on service activities like generating certificates.
How could your staff contribute to your sales efforts if they didn't have to spend hours upon hours issuing certificates?
2. Frustrated, burnt-out staff
Have you tried copying-&-pasting information between Word or Excel documents? Doing it once or twice is a bit of a nuisance. Have you tried doing it repeatedly for hours on end? No? Well, it's downright exhausting.
It's also frustrating. Copying-&-pasting is mindless work. People don't feel that valued when they have to do mindless work over and over. This leads to burn-out. And burn-out impacts productivity. A vicious cycle.
3. Increased E&O exposure
You know that mindless copying-&-pasting that leads to burnout? It has another cost: E&O exposure. Every time one of your staff does the copy-&-paste shuffle, it increases the likelihood of information being incorrectly transferred or entered.
It could be when issuing a certificate, or processing an endorsement, or submitting a quote for new business. Doesn't matter. Each copy-&-paste is another chance for error to sneak in. Especially when staff are burnt-out.
Minimize costs with machinable data
The costs of non-machinable data can be high. They may not be immediate, or easy to see, but they exist. Thing is, it doesn't have to be this way. There are systems, like Policy Works, designed specifically for commercial lines. And through integrations with BMS systems and carriers, the machinable data is being used to help improve workflow efficiency and employee satisfaction.
If commercial-lines is important to your brokerage, make it a priority to learn exactly how you can benefit from using machinable data.