Business Intelligence provides a window into a P&C insurer’s day to day performance, including areas for improving customer service. As customers work through the pipeline from quote to bind and issue, there are many steps behind the scenes for insurers to optimize.
WaterStreet Company’s Business Intelligence Suite is built to specifically map P&C insurance transaction data to a logical data model, bringing the entire insurance ecosystem under one solution.
Through dynamic visuals and real-time data, insurers can monitor the most effective KPIs, especially those that affect customer experience.
Benefits of BI for Customer Experience
1. Improve Underwriting Speed
Underwriters have many responsibilities in accuracy and efficiency. This area of expertise manages many different types of documents, from hand-written notes to video. As more data is available for underwriters to review in risk management, it’s essential to have a unified solution for their complete access to all necessary information.
When underwriters are not able to follow clear guidelines or are not held to the company’s guidelines, efficiency can also go by the wayside. Or, it may be that the underwriting department is understaffed. Insurance executives and product managers should stay up to date on underwriting speed to support the department towards better efficiencies, thereby improving the time it takes for customers to receive their bound policies.
2. Improve Document Management
One of the greatest bottlenecks in P&C insurance is poor document management. From underwriting to billing, each department must stay accessible to each other while storing documents in an easily retrievable way.
When the customer makes contact to complete a quote, fill out an application, send images or video, or to ask a question, the customer’s history should be stored in completion. Many insurers take advantage of white-label insured portals for the customer to directly access and upload documents, saving them time contacting customer service and offering them self-service to submit necessary information.
Business Intelligence solutions use a collection of tools to turn your data into clean, coherent, interactive visuals. When all documents and data are stored appropriately, this gives the company greater power to dig into deeper details behind the data, finding areas for efficiency, cost savings, and improved customer experience.
3. Better Understand and Monitor Agents
Agents are often the first touch-point for customers to reach. When information is lost between the insurer and the agent, the customer feels the effects with longer times to have their policy underwritten and a more frustrating experience.
PAS solutions bridge the gap between agents and insurers, allowing them direct access to sending documents through the solution.
A number of Business Intelligence dashboards by WaterStreet Company can be used to monitor agent performance, including strike rate, key transactions, and the quote to bind ratio.
4. Stay On Top of Renewals and Cancels
One of the most important moments of the policy life cycle is when it comes time for renewal. Renewal rates are an essential metric for the company to monitor as renewals provide the company recurring revenue as a predictable base of policyholders.
On the customer’s end, when deciding whether or not to renew, they are provided with the key moment when to decide if they are satisfied with their insurer. Carriers can monitor the renewal retention rate and dig deeper to review rates and underwriting rules to find ways to better retain customers.
Another key area of the policy lifecycle to watch concerns cancellations. Carriers can determine why and when cancellations occur through trend analysis, drilling down into individual policies to determine the cause. Insurance experts are able to identify patterns in cancellations that may occur with underwriting activity, customer activity, nonpayment, or coverage replaced.
WaterStreet Company BI for Customer Experience
WaterStreet Company aims to deliver best-in-class solutions for P&C insurers. This year, we’ve launched our Business Intelligence Suite to help insurers track vital key performance indicators specific to the insurance industry.
We provide advanced P&C Insurance Software designed to grow with your business, allowing integration with next-generation solutions.
Ready to Take Action?
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.
