This submit is a part of a collection sponsored by AgentSync.
Once you implement a brand new tech answer, you assume you personal, and might simply entry, your information from inside stated system. This isn’t essentially the case. Learn the tremendous print and chances are you’ll be taught your information isn’t accessible, and even yours in any respect!
Certain, you in all probability legally personal your information. You possible have it in writing, that if you happen to stroll away from no matter software program companies you contract with, you possibly can export a large CSV file or what have you ever. However do you personal your information? Can you employ it to raised perceive your enterprise, your clients, your producers, your course of? As a result of that’s actually proudly owning your information.
Insurance coverage runs on information
ROI, NPS, CBA… Flip occasions, lagging indicators, main indicators… Information drives selections – nowhere is that this extra concrete than in insurance coverage, the place the basic concept of the enterprise is grounded in actuarial tables.
But, on the subject of inner processes, information is usually unstructured, and thus, captured in a black field of operations. Typically it’s info that lives in manually maintained programs akin to spreadsheets, shopper relationship administration (CRM) software program, faxes, and precise paperwork. Different occasions, it’s info your workforce has migrated to digital software program, akin to contracting or insurance coverage producer compliance programs.
Good corporations use information to grasp their clients, producers, and workers. This is applicable simply as completely to inner processes because it does to claims-paying and customer support. Unlocking your information means higher understanding solutions to questions like:
- The place are the bottlenecks in your course of?
- Are you adequately staffed in your operations, or are there overstaffing/understaffing problems?
- Is there a dropoff level at which your enterprise is most inclined to lose producers or clients?
When you’re wanting to make use of data-driven resolution making, accessing your information isn’t simply vital, it’s crucial.
Sadly, on the subject of inner operations, too many organizations are counting on intestine intuition and an in-the-trenches mentality to drive their selections. And lots of organizations don’t even understand how or the place to get the data they should make good decisions.
Missing this sort of visibility is about extra than simply avoiding silos (though that’s objectively superior). It’s additionally about information privateness, proudly owning your enterprise insights, and avoiding regulatory missteps by defending private info.
So, who owns your information? The solutions to those questions may reveal much more about your entry to your personal info.
The place does your information stay?
This will look like a quite simple or very advanced query relying on whether or not you employ a collection of handbook entry processes or have a single supply of reality.
For provider contract information this may occasionally stay in a mix of:
- A contract administration app like Docusign
- Your authorized workforce’s emails
- Your operations workforce’s spreadsheets and
- Your carrier- and agency-partners’ programs
For compliance information,your info may stay in a state database, your shopper administration system, your emails, a pile of papers by a fax machine, or (for the love of Mike we hope this isn’t taking place however you realize it’s) sticky notes on somebody’s desktop.
When you’ve been doing issues manually, discovering the place your information lives at any given second is an arduous job. When you’ve got a database, akin to a compliance administration answer or a contracting software program, the info ought to be higher organized.
The place and the way your information is organized is crucial on the subject of understanding who owns your information. If it will take your workforce a matter of hours and even days of labor amassing and analyzing your producer information to grasp onboarding bottlenecks or contracting stuttersteps, then you definately don’t personal your information, your information owns you (even you probably have authorized possession of it).
Does your workforce preserve the info?
This query could also be presumptuous – it appears evident that any information assortment would require a point of upkeep to maintain the data present. Nevertheless, whether or not you personal your information could rely upon the place that upkeep comes from.
If you need to manually exit and search information updates from producers, state governments, or different entities, chances are you’ll not personal your information.
When you’ve got a 3rd celebration deal with all your information upkeep, whether or not you “personal” your information or not is dependent upon how accessible it’s after that time. If you need to leap by way of hoops to get reviews or alerts about vital info, then arguably your possession is nominal. Like the way you “personal” the stationary bike at your sister’s home.
When you’ve got a supply of reality that robotically updates your info no matter whether or not the replace comes from producers, carriers, or state governments (like a compliance software program that integrates with the Nationwide Insurance coverage Producer Registry, as a purely hypothetical instance), then chances are you’ll be getting very near proudly owning your information. On this case, although your workforce isn’t having to do a bunch of labor to maintain info up-to-date, you may have probably the most present obtainable information at your fingertips! That’s, in the end, the perfect when it comes to information possession and accessibility.
What does it price to entry your information?
Accessibility arguably is possession.
That is actually the stickiest of sticking factors when it comes to who owns your information. When you’ve got a software program that organizes your information and collects it in easily-compared standardized information fields however then that service supplier then gatekeeps that information – information you entered and preserve and pay the SaaS to arrange – then who owns it, actually?
Usually, software program corporations promise to arrange information and offer you extra insights to make knowledgeable selections. But, it pays to ask questions on the way you’ll be capable of entry stated insights.
Do you employ software program that offers you a set of standardized reviews out of the field, however then nickel-and-dimes you for extra nuanced info down the highway? Even that could be tolerable relying on how clear your SaaS accomplice is about prices, and the extent of information they will parse in a single go. Nevertheless, you probably have a software program supplier that provides every report for a payment, you won’t “personal” your information.
How onerous is it to get a customized report?
Just like the earlier query, even carriers, businesses, and MGAs that use a 3rd celebration software program as a service could have totally different experiences and expectations relying on their vendor.
Some software program distributors have a grab-bag of generic reviews customers can simply generate on the contact of a button, whereas they gatekeep reviews that require extra qualification factors or nuance. Others cost you per report no matter how detailed, particular, or customized the report must be.
Who makes use of your information, and the way?
Fb is mining your information for advertisers and engagement. Google makes use of your information to enhance merchandise and affect your resolution making on all the things from eating places to style decisions. We’ve all guessed on the downsides of these limitless information factors. So it stands to purpose, if you happen to can’t entry your personal group’s information to investigate it, then who can? And the way do they intend to make use of it?
If you need to pay by way of the nostril to grasp primary conduct about your producers, or generic timelines to finish inner processes, but your compliance SaaS supplier has industry-wide information insights to supply, it poses the query: Who actually owns your information?
Course of information: Upon getting it, what are you able to do with it?
In case your solutions to the previous questions gave you confidence that you just personal your information, then it’s best to ask your self whether or not you’re placing it to make use of successfully. For producer compliance information, we’ve seen efficient use instances for carriers, MGAs, and businesses to make use of information to reveal:
- Paths of least resistance for distribution progress into each vertical and horizontal companies by analyzing producer LOAs
- Which onboarding processes are contributing to producer churn and might be focused for enchancment
- Backlogs and methods to handle them by way of course of or workforce modifications
- Compliance gaps
- Areas to extend effectivity for fee-based companies (suppose unused licenses or appointments for unproductive producers)
Backside line, if it’s your information, it ought to give you the results you want. And if you happen to’re an AgentSync buyer, it does.
At AgentSync, now we have primary reporting in-built, together with a Scorecard that reveals at-a-glance compliance of your entire insurance coverage producer drive, out of the field with our Handle product. And extra reporting doesn’t price a factor. Not solely do you personal your information in a literal sense, with AgentSync you OWN your information: You get to determine the way you slice and cube it for the perfect insights to make data-driven enterprise selections.To see how AgentSync’s product suite might help you higher handle your inner processes and offer you perception into your personal information, take a look at our options.