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Friday, May 6, 2016

4 Ways Big Data Makes a Big Difference for Insurance Agencies

By Guy Weismantel, Vice President of Marketing at Vertafore

Data has always been important to the insurance industry.

Profitability depends on our ability to assess risk, establish pricing, develop new products and services, and to understand both customer behavior and larger trends—all of which require us to analyze and understand big data.

4 ways to make data work for you
  1. Develop new products and services. By monitoring client demographics, risk conditions, social media sentiment, industry trends, and more, you can develop insurance products and services that meet your customers’ needs.
  2. Improve cross-sell and upsell opportunities. With a clearer understanding of your customers, you can develop more effective marketing and communications initiatives.
  3. More accurate risk characteristics. Detailed data analysis allows you to better model risks and create more accurate predictive forecasts.
  4. Create better customer experiences. By better understanding your customers’ needs, you can improve retention, increase the lifetime value of your clients, and create passionate advocates of your brand.
The right data analysis solution gives insurers the information they need to take informed action, grow their business, and exceed customer expectations.

Read more.

Learn more about the role data will play in the future of insurance in Vertafore's new Digital Disruption ebook.

Vertafore delivers cloud-based insurance software and services that transform the business of insurance. With the largest customer-base in the industry, more than 20,000 agencies and carriers leverage Vertafore’s insurance solutions that are built on today’s most advanced cloud, mobile, and information technology platforms. Learn more and contact Vertafore.