Data is the buzzword of the year for the insurance industry, with everyone from carriers to agencies trying to figure out how to use it to their advantage. While agencies might not have the same access to big data that’s applicable in underwriting, pricing, claims handling, and fraud identification, they do have some useful data on their customers that can be used to set key targets.
“They should be paying attention to data [because] you can’t improve what you don’t measure,” said Becky Schroeder, chief marketing officer at Insurance Technologies Corporation (ITC). “When you understand your data, when you look at it, and you see what your data is right now, it tells you how you’re doing today and where you currently are as a business and as an agency. And if you want to be somewhere different, it helps you plan where to go and how you’re going to get there, but you [first] have to have that benchmark of where you are today.”
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