Data-Tracking-in-Your-Independent-Insurance-Agency

Like any small business, independent insurance agencies are continually searching for ways to improve. Whether it be better quality service, streamlined operations, or a more effective way of doing business, each improvement makes an impact.

The phrase “data analysis” may seem intimidating. But, once your agency has set up reporting measures, capturing data is easy and interpretation is intuitive.

Though your agency could report on any number of areas, two of the most telling are with finances and employees. Below are a few of the reporting areas that can help you gain information on where your agency stands, so you can determine where you need to go.

See another important insurance agency reporting area here.

Data Tracking: Finances

Finances tend to come to mind first when talking about data. There are a few areas to investigate to get a read on how your agency is performing financially. To get a handle on your agency’s finances, set up reports to track these two important areas:

  • Revenue: Track income from new customers, line additions for existing customers, and any other way you’re making money. Set up reporting once, so you don’t have to scramble when you need this pertinent info.
  • Income loss: Look at areas where you’re losing business. Pay attention to patterns. Is there a certain time of year, policy type, or point in your sales process where more business is lost than others?

See where your data comes from and how you can use it.

Data Tracking: Employee Performance

Just as important as your finances is how your employees are performing. The two go hand-in-hand. The more efficient and productive your staff is, the better you’ll do as an agency. Two key tracking areas include:

  • Call analysis: This data lets you know the end result of each phone call you or your producers make to prospects or customers. Call analysis reports can tell you two things: 1) if your outreach methods are netting positive results and 2) what sequences or methods are working better than others. You can use this information to adjust your tactics for more positive results.
  • Employee productivity: You can track what your employees are doing and how long it takes them to do it through your agency management system. The goal here is not to monitor your staff’s every move, but to get an idea of which processes are taking longer than others. Then, you can work to make those tasks move faster, whether it be through new workflows or eliminating the task through automation.

Learn more on evaluating your agency’s data gathering habits.

Leveraging your Agency Management System

Your agency management system is by far the best tool for collecting and reporting on data. Your system should have built in reports and the option to create your own custom read-outs. Once your agency has established good data gathering habits, pulling reports is as easy as clicking a button.

Find out even more ways to leverage your management system.

Another great capability to leverage is integrated accounting, which floods your financial data into and out of your agency management system. Integrated accounting not only saves you from entering the same data twice, it ensures records in your management system are up to date. And, since all your finances are found in your management system, you can again pull any report with one keystroke.

You can find out more about the benefits of accounting integration, standard and custom reporting, email integration, and other valuable agency management system capabilities on the SIS website. You’ll get information on Partner XE, our premier agency management system challenging the status quo in the insurance industry. View a demo and get in touch with one of our experienced team members. Get all the answers at sisware.com.

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Author: Sarah Deak

Sarah Deak has been contributing to the SIS team since 2013, covering topics like agency perpetuation, workflow improvements, data security, and marketing. She has a background in small business, working with organizations to improve their online presence and client engagement. Sarah also writes for the SIS newsletters and website, and counts herself lucky to hear from our many passionate, hard-working clients for our client stories. Her favorite part about working for SIS are the dedicated, service-minded people.

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