High-quality information is the foundation of a high-performing insurance agency. Gaps in data mean gaps in your agents’ knowledge, which can leave your company or clients vulnerable to unforeseen risks.
Errors and omissions in data applied to an important decision can easily underestimate risk, and yield a quote/policy that is ripe for mis-rating and premium leakage. Sources of errors and omissions include:
- Human error
- Insufficient resources
- Inadequate management
- Absence of appropriate data strategy
- Departmental silos blocking data integration
- Purposeful misrepresentation
The volume of data collected by insurance agencies is enormous and one seemingly small miscalculation can impact a decision and jeopardize both customer acquisition, and more importantly, customer retention. Data silos, generated by a lack of an integrated data strategy that spans departments, prohibits the ability to collaborate and address problems quickly.
The effects of inaccurate or missing data can also include:
- Inefficiencies across the organization
- Loss of customer acquisition opportunities due to inaccurate pricing
- Poor customer service and negative client experiences
- Under-delivery on client expectations
- Reduced competitiveness, leading to lower retention and profits
- Inability to detect fraud, both in terms of premeditated or exaggerated claims (hard fraud) and premium avoidance (soft fraud).
You might own a small or mid-sized insurance agency. Still, we can put powerful data analytics technology on your side: no more miscalculations, no more incomplete assessments, and no more unnecessary risks. With Confianza’s prescriptive analytics, you can be confident in the insurance plans and policies you present to clients. Click here to learn more about our lines of business.
Confianza’s comprehensive information assets and modern API technology provide insurance carriers, agents and brokers the ability to instantly identify the consumer or business with a high confidence match-rate. Configurable Risk Selection and knockout logic combined with Prescriptive Analytics helps make better, more rapid decisions, with lower acquisition costs. With this powerful Data & Analytics platform on your side, you can be assured of no more miscalculations, no more incomplete assessments, and no more unnecessary risks – and be confident in the data-driven decisions you make throughout the Policy lifecycle.
Learn more about our services here.