Insurance runs on data. Accurate data is essential to understanding risk, accurately pricing policies, and providing services to complement traditional risk transfer. In other words, data is critical fuel for growth.
But the industry’s disconnected systems make it challenging to access, share, and use that data, limiting growth. If you can connect, enhance, and streamline how you are using your information, massive value can be unlocked.
Here are four ways brokers can use data to expand value and grow revenue:
Brokers can better understand placement opportunities by sharing data.
Imagine finding new qualified insurance markets in your inbox without any effort. How much time would that free up to spend on building relationships instead of finding market opportunities to place business? That’s possible when brokers share renewal data.
place coverage faster by connecting data.
By directly connecting broker and carrier data and workflows, placing coverage takes weeks, not months. This results in a better client experience and allows brokers to shift their focus from chasing paperwork to activities that win new business.
Generate insights by analyzing insurance data.
Agile decision making is today’s core strategic capability. There’s a huge opportunity to provide insights and data-driven analysis that help insureds make smart and agile decisions. These insights are valuable whether used to help clients understand risk or to optimize broker operations.
Expand your value proposition to your insureds.
Your clients’ needs go way beyond traditional risk transfer. Their bigger need is for holistic solutions and tailored services that help them understand how to operate in ways that reduce and manage risk. Brokers who effectively use client and third party data sources to broaden their offering unlock new opportunities to expand value and revenue.
Want to take your business to the next level? If yes, connected data is the pathway.
If you are interested in learning more about how Highwing can help brokers and carriers better leverage their data, we would love to chat. You can get in touch with us here.
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