Creating analytics without data is like making bricks without straw

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“Making bricks without straw” is an expression that comes from The Holy Scriptures. The Israelites needed straw to make bricks. If the Israelites had very little or no straw, they still had to make bricks. If you watch the film The Ten Commandments, you know which scene I’m talking about.

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If you ‘make bricks without straw,’ you try to achieve something without resources that are needed to do it. —the free dictionary.

Earlier this year, we officially launched our new analytics module that provides brokerage owners and managers powerful insights into their commercial business. Analytics are beneficial because they help management make better and faster business decisions based on scientific fact.

Sounds peachy doesn’t it? But, what if your brokerage doesn’t have the data needed to generate analytic insights? Then you’re making bricks without straw. Fortunately, all is not lost. With a little patience and planning, you can produce the analytic results you want and need.

Here’s some tips to help you get some straw into those bricks.

Which moulds are you using?

The quantity of straw in the bricks is irrelevant if you don’t have any moulds to shape it.

Chances are your brokerage is using a Broker Management System (BMS) or a Customer Relationship Management (CRM) program to store and maintain your client data. You may even be using an elaborate array of Word documents and Excel spreadsheets as templates to get the results you need.

I must confess—some of these moulds are terrific. I use them too. I type content in a Word document, send it off for review and then copy-and-paste approved content into a software program called HubSpot.

Uh-Oh Spaghettio! Did I just say I copy-and-paste? Isn’t that a duplication of work?

It sounds like it, but it’s not. That’s because I copy content out of a Word document and paste into a system that turns it into machinable data. HubSpot then takes that data and creates analytic visualizations like line charts and bar charts the marketing team and I use to track activities.

If you like this blog and open it or share it 10 times or more, I thank you for the bump in my analytic activity.

Build it one brick at a time.

One of the key pieces of data our Analytics module needs to generate visualizations is an IBC code. There are a lot of reasons why an IBC code is not entered. It may be because the insured is involved in multiple business activities, or they’re a unique business where a standard IBC code doesn’t fit, or a new employee may not know what the IBC code is and they’re afraid to ask.

Whatever the reason, make entering an IBC code a mandatory task—brick number one. Clearly communicate when a task becomes mandatory and say why. That gives your commercial lines team time to prepare for the change and adjust existing workflows if necessary.

If you’re tired of trying to make bricks without straw, contact us. We’re here to help you out of the mud (no pun intended).

Commercial Lines Analytics Overview

Policy Works introduces the first out-of-the-box suite of commercial lines analytics that incorporates policy and workflow data.

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Topics: Workflow, Commercial_lines, profit, revenue, analytics