Some of the data challenges facing insurance agents and brokers include:

Data silos with poor rules will result in inaccurate dates, account numbers, and personal information, all stored in multiple formats. This makes reconciliation difficult and automatic reconciliation the stuff of dreams.
Dirty data diminishes the return on investment (ROI) on a company's IT investments, including the AMS, customer relationship management (CRM) system, and other InsurTech. This makes agents' jobs increasingly difficult and diminishes output to the point of putting the firm at risk of losing valuable skills as frustration mounts. Perhaps most worrying, is the resulting loss of confidence in the foundational business data, putting the agency's reputation and future at risk.
Missing, incomplete, and inaccurate data can lead to incorrect client quotes being generated, under or overvaluing of coverage required by a client, and sluggish customer service as agents base decisions on dirty data. Dirty data influences the ability to get quality outputs from InsurTech partners, like Fenris or Relativity6. These trusted service provider systems apply artificial intelligence (AI), such as machine learning (ML), and enrich insurance data, allowing agents to optimize interactions across the customer journey, from quote to upsell and cross-sell interactions. However, if agencies supply dirty data, it must be expected that the information returned will be inaccurate (garbage in – garbage out for the old school computer geeks out there), limiting any potential competitive advantage.

‍Clean data with automatic availability

Decentralized, dirty data forces manual intervention that is, in itself, an error-ridden exercise. Using a Data Integration Hub (DIH) allows insurance agencies to automate many laborious, manual daily processes. Automation also allows agents to effortlessly validate policy details, endorsements, and coverage making the quote-to-bind process more accurate and efficient.

Special Reports /

How dirty data hinders insurance agency success

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