Analytics and Data. They’re like that supercilious, overexposed Instagram couple you see everywhere that seem to be joined at the hip. You’ll never see one without the other. They’re that unconquerable team we admire and despise—the couple we love to hate.
Why is that love-hate relationship with analytics and data so strong? Is it because they have something we want, or is it something else, perhaps something more personal? Whatever the reason, the truth of the matter is that data—no matter how much you have, can generate analytics that will help make decisions surrounding the future of your commercial book.
Here’s three reasons why you need to stop your love-hate relationship with commercial lines analytics.
1. Analytics want you to want them.
Analytics give you appealing visualizations in the form of colourful bar charts, waterfall charts and scatter plots. It makes the picture clear and easy to see compared to reams of numbers on a spreadsheet.
In addition to their appeal, they’re exciting too. The tools for handling commercial lines data to produce analytics are advancing more rapidly than any other technology field. With better tools, comes better understanding of how you can use analytics to help grow your commercial book.
2. Analytics don’t care about office politics.
Analytics don’t make false impressions. Analytics never fudge numbers to make themselves look good. Analytics don’t care who is on holidays, who is getting the corner office and who is not. Analytics never gossip about you.
You’ve probably heard the saying, “If it doesn’t challenge you, it doesn’t change you.” Analytics and data exist to do exactly that. Change however, can be a lot less challenging if you have a plan.
For example, you need data to generate analytics, that much is certain. But, do you know:
The volume of data needed to generate good analytics?
How much of your data is missing or needs tweaking to produce analytics?
A good place to start is to experiment with a program that generates analytic insights (like our Analytics Module). Once you start seeing live visualizations in action, you may discover you only need to collect one or two more pieces of data today, to see amazing analytics tomorrow.
Whether you love them, hate them or learn to love them, analytics and data can have real influence over the decisions your brokerage makes regarding the future of your commercial book. If you’d like to learn more, contact us today for a demo.
Commercial Lines Analytics Overview
Policy Works introduces the first out-of-the-box suite of commercial lines analytics that incorporates policy and workflow data.