Following Through on Your Commercial Lines New Year’s Resolutions


It’s already the end of the first quarter of 2018, let’s take a moment to reflect on our insurance New Year’s Resolutions.

What? You don’t have any? No problem! Here’s a few you’ve probably considered, so here it goes... commercial_lines_resolutions

1. I want our brokerage to be paperless.

You invested in a document scanner and a bar-code scanner and that’s a good start.

You scanned a document, converted it into a PDF and attached it to the client file. You can now move onto more important things, right?


PDFs have many super-excellent features like the ability to open them on any computer or mobile device, but in the long run, they’re still like paper files, only electronic. Aim for collecting machinable data.

With machinable data, you don't start with the document—you start with the data. Machinable data generates documents like policies, submissions and proposals by extracting relevant information from the same set of data. No copying and pasting or retyping required.

2. I want our brokerage to go digital in commercial lines.

Everyone wants to go digital, but before you tackle this resolution, you must be absolute (not resolute) on what “going digital” means to you.

We believe that “going digital” should be seen less as a thing and more a way of doing things. One of the "going digital" conversations we have regularly is about the customer experience, or the customer journey.

How does your brokerage currently monitor each step of a client or prospect's journey? How will “going digital” assist in developing and delivering the best possible customer experience?

An excellent starting point is using a commercial management system to track your marketing workflow from prospect to new business. This allows you to develop and deliver the right people and the right products quickly and consistently. Then, use the rich data and metrics compiled from tracking that journey to make clearer, more informed decisions. You can never have too much good information.

3. I want our brokerage to be standardized.

There’s lots of talk about “big data,” but before you tackle big data, how are you addressing your small data—the data your brokerage is already collecting.

Small data can be anything that resides in a fixed field within a record or file. This includes data contained in software programs like your Broker Management System (BMS) or a Commercial Management System (CMS) like Policy Works.

To grow small data into big data, you may need to ask questions like:

  • Is our data standardized? Standardized data across consistent workflows lets you start analyzing trends and ultimately make better decisions based on that information.
  • Is everyone collecting it the right way? If someone doesn’t know an IBC code for example, do they leave that information blank or do they contact an underwriter for verification?

The data you already have is an excellent foundation to build upon. With a commercial management system, every detail about a client or prospect is stored in one place which streamlines and simplifies even the most complex data management tasks.

If streamlining workflows, rewarding your staff with more efficient tools and winning more business form part of your New Year’s Resolutions, Policy Works can help. Contact us to get a demo today.

Become more efficient

Start with this book written by Sean Mulcair, Principal at Gradient Solutions. It provides a framework to help identify those inefficient, and costly, workflows.

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