Commercial Insurance

How to Use Commercial Insurance Data to Increase Sales

Insurance agencies are famous for collecting personal information, because algorithms based on client demographics are extremely helpful when it comes to underwriting policies. However, these data can be useful for other purposes. Here are some sources of information and suggestions on how they can be used to generate leads and increase sales.

Sources of Information

You probably already have a tremendous amount of research on existing customers. You can gather some information on new prospects through public records, but it is usually more cost efficient to purchase data from an independent source. These data brokers collect customer information from the following sources:

  • Workers comp insurance X-dates
  • Telematics 
  • Client applications
  • Smart home technology records
  • Social media posts
  • Prescription drug histories
  • Medical records
  • Motor vehicle reports

Uses of Information

It is not enough just to collect information. Insurance companies also should use effective data analytics if they want to find and cultivate new customers. Here are a few ways this can be accomplished:

  • Focus calling efforts on clients whose policies are near expiration
  • Sort by customer demographics
  • Implement customer relationship management software
  • Analyze past sales
  • Use modeling to predict outcomes of various scenarios
  • Optimize coverage prices

Managing data wisely is the key to contacting clients at just the right time to renew their policies.

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