Producers may be unaware of the opportunities out there for the taking, only because they don’t have the right tools at their disposal, says one software expert.
“When brokers invest in understanding their business and have a clearly defined and articulated strategy, the opportunities are endless,” says Jeff Purdy, senior vice president and general manager at Applied Systems
. “Brokers may not be aware of opportunities within their business because many don’t have the right tools at hand to analyze the opportunities that exist. Applying business intelligence tools provides new insights into the performance of peers and carrier partners, greater awareness of staff productivity and new areas of opportunity in the business.”
Purdy adds that some of the largest companies out there have leveraged business intelligence tools and reporting, to better analyze their brokerage data, identify new areas of opportunity and align the new found intelligence to their strategic plan.
Although competition is tight, Purdy says that niche markets can be exploited to grow the business.
“There is always room to grow; even in a mature marketplace,” Purdy told Insurance Business. “To grow in a mature marketplace, it’s essential to understand your growth levers. Today, we see more brokers focusing on niche market segments, providing specialized coverage to meet new demand and stand out from the crowd.”
Purdy sees moving in a direction of a paperless office as key to being successful.
“Forward thinking brokers leverage their brokerage management systems and business intelligence tools to define opportunities,” says Purdy. “When brokers differentiate themselves the opportunities are endless. Specialization allows brokers to gain market share while others are trying to catch up.”