Management Information (MI) has always been vital to running a successful business. This is particularly true in such a data-rich industry as insurance. In fact, today, it all seems to be about data.
From speaking to brokers and MGAs, its clear that more people in the industry are realising the importance of having a good broker platform that gives them access to MI in real-time, to increase productivity and generate more revenue.
Many brokers and MGAs cant access MI efficiently
Brokers and MGAs tell me one of their major challenges is not having access to the kind of business information they need to make decisions quickly. This may apply to you in your business.
For many, this is even more relevant with so many employees working remotely, and when business data is siloed in a variety of different front and back-office systems.
As one broker told me recently: We have all this data, but its not all in one place, due to our mix of front- and back-office systems. So, we cant even access it easily, never mind analyse it!
Currently, producing MI is a slow, manual process
The result of all this siloed data in multiple systems is that producing MI is a slow, manual process. As one customer said: It still takes us a lot of time to produce MI reports because we have to use spreadsheets to produce MI manually from our legacy systems.
Manual processing comes with several drawbacks, some well-known, some less widely understood:
- Greater likelihood of human error leading to inaccurate data
- Cost of rekeying, validating, and cleansing data, which affects profit margins
- Cross-sell opportunities being missed
- Inability to make timely business decisions and resolve workflow bottlenecks
- The inability to measure employee productivity and customer profitability
Imagine going from taking days to produce MI reports down to a few seconds or as long as it takes to log into a dashboard through your web browser that contains all the information you need.
You dont have to imagine it. This is what a modern broker platform with modern MI capabilities looks like, and just one reason why so many Novidea customers are working with us.
Productivity benefits of real-time MI
Because of the challenges, many brokers and MGAs are actively looking to access real-time MI within their business. From speaking to our customers, there are many benefits they expect to reap:
- Easy access to all your data in one place
- Insights displayed in easy-to-read charts and dashboards
- Improved workflow management, allowing for automation
- Auditable approval processes
Revenue-generating benefits of real-time MI
A good broker platform doesnt just improve productivity through MI tracking. It also helps you generate more revenue another key reason why many of our customers desire this capability:
- Cross-selling opportunities
- Offering better coverage and increasing retention
- Profitability scoring
- Track outstanding quotes and invoices
The data is how we steer the ship
One customer summed up the benefits of real-time MI by saying: The data is how we steer the ship. I want to see how were performing using the most up-to-the-minute information, displayed easily so I can access whatever I need in just a few clicks. A good broker platform gives you that data.
If youre interested in finding out how Novideas born-in-the cloud broker management platform can help you with your MI needs, why not get in touch with me, Jamie McDonnell: