In an era where informed decisions drive success, harnessing the power of AI has become imperative for agencies looking to excel. And the cornerstone of effective AI lies in data; the richer and more comprehensive, the better.
However, while agencies have large customer data sets, the issue surrounds their completeness. This is often due to the difficulty in capturing and ingesting clients' information and storing the data in a structured and usable format. And only when this issue is resolved will insurance agencies benefit from AI-driven insights.
Forbes recently reported that AI and intelligent robotic process automation (RPA) in the insurance sector could increase operational efficiency by 60% and customer satisfaction by 95%, leading to lower business overheads and increased customer loyalty.
What’s more, in the past five years, the US insurance agency landscape has consolidated, with 10-15 nationwide agencies and around 50 regional ones now leading the market. This consolidation typically encourages innovation to gain a competitive edge. And to ensure the success of these changes, agencies need to utilize AI for data-driven insights, leading to a better understanding of their clients, improved risk management recommendations, and enhanced decision-making.
So, why is it that agencies have large data sets with so many critical gaps? Let’s dive into the causes, Broker Buddha’s remedies, and discover how more accurate data can help agents leverage AI to improve their business outcomes.
The data collection challenge
The first challenge relates to the initial collection of data. Ensuring clients fill in all their relevant information—accurately—is an uphill battle due to the use of antiquated formats like paper and even digital documents like PDF and WORD files where there is no way to validate the correct format of the data or its completeness. In addition, the information in these files is unstructured and near impossible to extract. And because the extraction can take a substantial amount of time, agents typically leave the data in the electronic documents, resulting in significant information gaps in their customer data records.
Another difficulty relates to the fact that many agents operate on a variety of separate systems, causing their customer data to be segregated and incomplete. While many agencies are currently undergoing a system consolidation process—where they will eventually work under one agency management system (AMS)—this doesn’t necessarily mean their data will become complete. If the source data, prior to the consolidation was incomplete, then the consolidated data will have the same gaps.
So, how can Broker Buddha help with this issue?
Broker Buddha to the rescue
Here at Broker Buddha, we have a variety of tools to aid in capturing client data efficiently. These tools include online smart forms with field validation, tooltips and eSignature as well as automated reminders, and field mapping. In addition, Broker Buddha’s White Glove Service will handle the arduous task of data extraction from electronic documents to structure existing information and update digital customer records. Ultimately, whether it’s the White Glove Service, the agent of the customer entering the data, Broker Buddha helps agencies capture all the data they need while reducing the monotonous work for clients and agents alike.
With more accurate data being captured with Broker Buddha’s help, agents will have a more complete data set as a source for AI technologies that improve agency operations and enhance decision-making.
How AI data-driven insights can improve business
By leveraging platforms such as IBM Watson, Microsoft Azure AI, and Amazon Web Services (AWS) AI, agents can identify areas for expansion, analyze competitors, and get answers to specific questions such as:
- Which carriers specialize in a particular industry or customer segment (e.g. class of business)?
- What are the rates across carriers for a specific line of business in a specific segment?
- How can we grow our business by offering the right new products and services to our existing customers.
With the power of AI, agents can gain a deeper understanding of their clients, the market, and their associated risks, ultimately leading to better decision-making and enhanced business outcomes.
When it comes to insurance, knowledge is power. So, by leveraging Broker Buddha’s data capture services, agents can collect complete and accurate data sets, allowing them to utilize this data in AI platforms and receive intuitive and data-driven insights.
Are you interested in becoming an enlightened agent and learning more about Broker Buddha’s solutions and services? Request a demo today.
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