How to Use Business Intelligence for Insurance Agencies

How to Use Business Intelligence for Insurance Agencies

Everyone wants peace of mind that they are going to be safe and happy throughout their life. Even though that is the dream, life happens. And because life happens, insurance companies can stay in business. The insurance industry covers so many of life’s little hiccups. From car insurance to health insurance to life insurance, you pay into monthly plans to protect the people and the things that you love. A good insurance policy has got you covered in case something goes awry and you need extra funds to cover an accident or emergency.

Insurance companies work hard to provide quality service to their customers. From comprehensive coverage to manageable deductibles to real-time help, a good vendor will offer you complete coverage for your precious belongings. This also means they have a lot of data sources and information coming in all at once. New customers requesting quotes, existing members asking for reimbursement, and policyholders wanting to switch up their coverage can all happen at the same time. To stay on top of daily operations, insurance companies utilize business intelligence software. These tools help with analytics and can offer actionable insights for insurers to do good work for their customers. Here are just a few ways you can use business intelligence for your insurance agency.

What is business intelligence?

Business intelligence covers a wide range of areas. In general, business intelligence is the applications, infrastructures, tools, and practices that help companies make better decisions. Each business intelligence software program serves a different purpose. Data visualization helps you comprehend big data. Machine learning aids automation and artificial intelligence. While an integration platform as a service (IPaaS) keeps your data connected and streamlined. With all these analytics solutions to choose from, there are plenty of ways your insurance company can include business intelligence to make strategic decisions.

Help customers compare insurance options.

One great tool business intelligence can offer is visualization and dashboard management. This allows your customers to directly compare different insurance options and find the best one for them. For example, if you’re looking for car insurance, you are probably debating between different liability insurance or collision coverage options. A visualization can show your customers the difference between comprehensive car insurance and other optional coverages. Compare how comprehensive coverage is priced out vs. just the compulsory third-party insurance. See what price you’re willing to pay to get the coverage you need. Having the data at your fingertips gives customers a better understanding of what they’re investing in with each insurance policy.

Report and analyze customer insurance needs.

The best way to make decisions for your insurance company is by having all the facts and figures at your fingertips. Business intelligence software gives you real-time data reports and analysis automatically. You can understand your target market, your financial situation, and more with clear visualizations and data management. This can help you grow your company or manage current claims in a more efficient way.

Streamline payouts with the help of interactive dashboards.

Running an insurance company means you will often have to pay your clients if they submit a claim to you. Having business intelligence can make these interactions a breeze. Use interactive dashboards to track the claim from the customer to your appraiser to your finance office then back to the customer. This streamlined process will make things easier for all parties involved.

Integrate your communications with clients.

At big insurance companies, there are hundreds of agents. Chances are, one customer may talk to many different individuals or communicate through different platforms. The integration that business intelligence provides will help this information move across different people’s desks with ease. By integrating all their communications, the workflow can prosper and customer service will be at an all-time high.