Three ways analytics can transform your brokerage


When it comes to generating analytic insights, data feeds the beast. You cannot have analytics without data. Commercial insurance brokers collect huge amounts of data and many of them have been doing it for years, maybe even decades.


So, what are you doing with all that data?

For many brokerages, it’s difficult to extract data and turn it into analytics. Quite often, the data is contained in their BMS or CRM and once it’s pulled and copied into complex spreadsheets, no one is exactly sure what they’re looking at, so they guess. This guessing game can lead to lost sales and a decline in client retention.

Wouldn’t it be great if you could accurately determine premium volume by insured, producer close rates and marketing activity? Analytics can give you that and more.

Here’s three ways analytics will transform your brokerage.

You instantly see ‘the big picture’ and the little picture too.

Analytics are aesthetically pleasing compared to spreadsheets because they’re visual. Not only that, if you don’t have someone at the brokerage who is an expert in creating macros, freezing panes, creating formulas and so on, you’re not getting the maximum benefit from those spreadsheets anyway.

sample certs When that same data is converted into analytics, you’re presented with bar charts, line charts and scatter plots that make ‘the big picture’ easier to see. You can also filter the visualizations to deep-dive into a specific client, insurer or producer if necessary. And best of all, you don’t need any Excel training to get the results you’re looking for.

No more spreadsheet mash-ups.

What if your BMS or CRM can’t produce the reports you need? That means exporting two or more reports from your software program, converting them into spreadsheets, then copying relevant rows and columns into a different spreadsheet. What happens when a row is missed, or the spreadsheet contains dated information?

Not only is this process a duplication of work, it’s time-consuming, especially if it’s happening several times per week.

You can access analytics anytime, anywhere.

If you’re a brokerage principal, commercial lines manager or producer, chances are you’re not in the office regularly. That can make it difficult to stay well-informed on day-to-day activities of the brokerage or your allocated book of business.

Since analytics are web-based, they’re accessible through any Internet browser or mobile device. That means no further investment in computer workstations or servers is required.

We’re proud to introduce the first out-of-the-box suite of commercial lines analytics that incorporates policy and workflow data. Because we’ve been working with brokers across Canada for over twenty-five years, we know which reports brokers want to see. We’ve done all the setup for you, you just have to log on and see the results.

If you’d like to transform your brokerage with the power of analytics, contact us today.

Commercial Lines Analytics Overview

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

Watch the video

Topics: Workflow, Commercial_lines, data, analytics