Data-driven decision-making is more important than ever in insurance. Carriers, brokers, and agencies rely on data to build relationships, deliver personalized experiences, and drive important business outcomes like policy retention and growth.
But how can you make more effective use of your data? The right analytics applications certainly help, and with tools like Tableau and CRM Analytics, insurance professionals can visualize their data to unlock powerful insights.
From claims management to underwriting to your book of business and more, here are 9 insurance dashboards and custom analytics applications to help you understand your business and drive intelligent action.
1. Insurance Quote Analytics
Every insurance policy starts with a quote. With an insurance quote dashboard, you can see metrics such as # of quotes, quote volume, and conversion rates, and get visibility into what stages quotes currently sit in. You can also visualize quote volume over time and get a breakdown of your data based on source, region, product, and more.
By having real-time visibility into the distribution of quote volume by stage and across agencies or financial producers, you can analyze whether quotes tend to get stuck in underwriting or other stages. This can help you address issues as they arise, but it’s also valuable to help you understand and address broader inefficiencies in your quote-to-bind process.
2. Lead and Referral Scoring
With lead and referral scoring, enable your agents to prioritize leads/referrals and reach out to ones with the most potential to become profitable, long-term customers. Your best prospects probably come from particular sources (internet lead providers, referrals, your website, events, etc.), have certain characteristics, or exhibit specific behaviors.
Use this data to create scoring outputs (and leverage machine learning to enhance these models) and then rank-order incoming leads for your reps so they can take action on the most important ones. You can surface this data in dashboards, custom list views or reports, or elsewhere in your agents’ existing workflows to ensure your team is working on the right leads at the right time
3. Book of Business Analytics
With book of business analytics, insurance leaders can visualize revenue trends including gross written premium (GWP), contribution rates, and participation rates. They can also get insight into how their agency partners are performing, understand which policy lines are performing well/poorly, where there are opportunities to multi-line, and more accurately forecast revenue.
4. Whitespace Analytics
A whitespace dashboard provides a clear picture of your customers’ existing insurance coverage across your different business lines. This insight is invaluable for multi-line insurance firms, or for any company looking to boost cross-selling between insurance and wealth management, or other areas of your business.
To fully leverage the power of whitespace analytics, it’s essential to have a comprehensive view of customer data. This means integrating information from various sources, including Salesforce and external systems. By combining this data, you can identify not only which products customers already have, but also potential opportunities for cross-selling and upselling.
With the added power of predictive modeling, you can even gauge a customer’s likelihood to purchase particular products. This insight allows you to prioritize your outreach, focusing on the most promising leads and further increasing your efficiency.
Mock-up of insurance dashboard for cross-selling employee benefits to commercial lines, including likelihood to buy model.
5. Agent Retention Analytics
How do you acquire talented agents, how do you get them to be high producers, and how do you retain them over time? With analytics across the agent lifecycle, you can see valuable metrics for your producers from recruiting and onboarding of agents to growth and retention.
On the recruiting and onboarding side, track metrics such as prospect-to-producer conversion and the time to ramp new producers. You can leverage models such as likelihood to convert and prospect potential score in order to optimize for these KPIs, and surface these metrics/model outputs in dashboards or in the user flow to increase actionability.
For retention, track performance metrics and understand attrition risk for your producers. Visualize those stats across characteristics such as region, product, and so on. This can help you anticipate potential revenue impacts, analyze factors that lead to attrition, and take action to mitigate negative trends and retain agents.
6. Agency/Agent Performance Tracking
For carriers, tracking agency performance is crucial as agencies often form a large part of the distribution network. With an agency performance tracking dashboard for insurance, you can view performance across your different agencies, and see top agencies for quote volume, closure rates, overall sales, and more.
With this, you can identify top and bottom performers, maintain strong relationships, and take action to address the challenges agencies may be facing.
You can also create a similar version of this dashboard highlighting agent performance to rank order and see similar stats for individual agents, helping you address challenges and improve their output.
7. Underwriter Performance Tracking
While it’s an important part of the quoting process to reduce risk, underwriting can also cause delays. With underwriter performance tracking, you can see key metrics for overall quotes and approval rates with a breakdown of these stats per underwriter. Filter these stats based on region, product, and more to understand more specific trends.
With this data in hand, you can help improve the speed of your underwriting process while balancing that with the quality of underwriting. You can identify challenges particular underwriters are facing and also understand which referral sources are performing the best and getting all the way to becoming policy-bound. You can also take action in real-time to address hold-ups in particular quotes to get prospective customers to the finish line.
8. Insurance Customer Service Analytics
Is your customer service team responding to support cases effectively? With analytics for customer service, understand key metrics like mean-time-to-resolution, customer support agent performance across speed and customer satisfaction, the # of cases per channel, and average claim duration.
With this data at your fingertips, you can help improve low performers, decrease resolution times, and, most importantly, enhance the policyholder service experience.
9. Claims Management Analytics
With claims management analytics, you can track claims requested and claims paid out by region, product line, and more.
With a real-time view of this data, you can respond to changes in the market as they occur. If there’s a big uptick in claim requests in a particular region (e.g., after a natural disaster), you can identify the issue and quickly triage requests to get them addressed. You can also predict future claims based on trends in regions, seasons, types, etc., so you can prepare resources for the future as well.
Interested in learning more? We’re here to help! Check out our full analytics gallery and learn about our Salesforce offerings for insurers.
