Agent Performance in the Insurance Segment
In the current digital world and the ever evolving insurance industry, Managing General Agents (MGAs) have to rely hugely on the data for increasing agency performance. The data is obtained from their day to day performance metrics, marketing campaign metrics and also individual agent performance.
Most significant changes to the overall performance of MGAs can be realized only when they are aware of the importance of data collated and also “how” to use it effectively.
For instance, MGAs deriving meaningful insights could mean to collect metrics related to product sales performance, number of loyal & high valued clients in terms of revenues, etc. The same can be used to improvise their back office systems to better their distribution channels or implement better customer retention strategies.
If the MGA’s data and analytics platform have the mechanism to integrate with other systems in the agency, such as distribution systems, policy management as well as lead management tools, they can easily experience a boost in individual agent performance. This in turn enhances the agency wide productivity.
The three major aspects that need consideration for a robust Business Analytics platform in an MGA set up are as follows:
- Seamless Integration: Integration of all the significant facets of MGAs business like leads, quoting systems, policy management, compliance details, marketing campaign metrics and more, which allows centralization of data using a single robust platform. Centralizing the data enables identification of opportunities for performance improvement and process optimization.
- Availability: Avoiding complicated platforms that require multistep process that hinder quick access to real time data is very beneficial. Instant availability of real time data without any complications is the key to MGA’s success. MGAs must pick and choose a solution that assists real time, instant access to data.
- Custom Reporting: Customized dashboards and reporting tools are vital to retrieve relevant information and gaining insights to information, at a glance. This, thus helps streamline and aggregate important chunks of data from an easily accessible location.
With the latest regulatory changes being implemented globally, it is obligatory for MGAs to have information from the data available at a very short notice to comply with the State and Federal laws.
It is strongly believe that, MGAs should not keep themselves from maximizing their team’s effective performance, due to lack of data.
Equipping the agents with the right amount of data and constantly monitoring their performance on a timely basis definitely enhances the overall productivity of MGAs and also helps comply with the new regulations.
Gaining meaningful insights into an agent’s performance could reduce the overhead cost and lower the average cost per acquisition. It can also rise the overall profitability levels as well.