Analytics is the new black. It’s the hot trend that forward-looking brokers have been talking about at industry events, on social media sites and in podcasts all over Canada.
Since no one wants to be left behind and stay on-trend when it comes to technology, exactly what do you need to know about the science of analytics, and how it helps grow your commercial book?
Here’s a few things to consider.
Which analytics and why?
One of the most important aspects determining the future of your commercial book is data analysis. Tracking your progress allows you to refine your strategy by seeing what is working and what is not, and in real-time.
But first, you need to know what to track and why. Fortunately, Policy Works has done that research for you.
We conducted one-on-one and focus group sessions with principals at numerous commercially-focused brokerages across Canada and the “Commercial Lines Analytics Roadmap” was the result.
Here are some of the book of business analytics principals want to see:
Coverage gap analysis by line of business
Coverage comparison per policy by line of business
Line of business by postal code comparison
Sales revenue by line of business
Sales success ratio by line of business
If there are more analytic types you’d like to see, let’s talk!
Bigger isn’t always better.
When one thinks of analytics, it’s easy to get stuck in the mindset that you need large amounts of data for it to work. The truth is, ‘analytics’ is a nonspecific term for any type of computer processing that looks at and analyzes historical data.
If your brokerage has been collecting data for years, you might think that you’ll have an advantage when it comes to predicting patterns and trends compared to brokerages that are just beginning their data journey. Not necessarily.
What if you have loads of garbage-in-garbage-out (GIGO) data? Data fields left empty or entered incorrectly just to, “get it done.” Does that huge volume of data serve you better than a broker that has less (and cleaner) data to work with?
One way to reduce GIGO data is standardization. To help you become standardized, we created an application that combines existing commercial lines applications into a single, data-rich questionnaire that satisfies all required P&C fields. To download your free copy, click here.
If your data isn’t analyzed, you may be wasting an opportunity. When analyzed accurately, data helps you monitor every aspect of your commercial book. That results in a big change in the way you’re currently making business decisions.
Get the leading P&C app
The Policy Works questionnaire is the leading P&C application in Canada. More submissions are created using this template than any other.