MENLO PARK, CA--(Marketwired - Jan 3, 2014) - "Data analytics" sounds like it's beyond the reach of the typical independent agency, but it isn't, Brian S. Cohen, CEO of Pacific Specialty Insurance Company, writes on www.propertycasualty360.com.
The article lays out the steps independent agents can follow to improve their agency's performance by using data analytics.
1: Understand what you have
Spend time understanding the data you already collect, Cohen writes. "Start by creating a spreadsheet with all of the data you collect when you onboard a new client -- for example, birthdate, home and work address."
2: Understand what you want
While internal data is valuable, data analytics tools let agents also incorporate outside data into their analysis.
"Identify your "data gaps" -- information you don't have but would like to have about a client or a prospect," he writes. "This might include their net worth, whether they own another home, or their business affiliations."
An affordable outside firm can do this and provide a strategic advantage.
3: Put the Data to Work
If your agency management system has a data analytics tool, use it. If not, reach out to the insurance company you write a lot of business with and ask if you can partner with them on a data analytics project.
"Now you need to start using your data. You have a great opportunity to become a sophisticated marketer and drive better performance and growth out of your agency," Cohen concludes.
The full article, "Data Analytics: It's for Small Independent Agencies Too," can be read at http://tinyurl.com/lw9lsx5.
Based in Menlo Park, Calif., Pacific Specialty serves individuals and small-business owners with specialty and general policies, including homeowners insurance, recreational vehicle insurance, homeowners insurance and business insurance. It is represented by independent insurance agents and brokers that give customers personal counseling and a choice of competitive carriers. Admitted in all states, it is rated A (Excellent) for financial strength by A.M. Best Co. It was recently named to the 2013 Ward's 50 list of top-performing insurance companies for the third year in a row. More information is available at www.pacificspecialty.com.
- Data analytics