A Report is Only as Good as The Data Used to Compile It

All the insurance leaders we speak to are keenly aware how important data is to their business. In fact, it’s difficult to read any respectable publication without seeing a thought piece about how data is the secret sauce that drives great decisions. But in our experience, far too many business decision makers still see their Agency Management System (AMS) as some kind of crystal ball. A magical device that will allow them to accurately assess risk today and plan for a more secure future tomorrow.  

The problem is, not only is the AMS not going to magically give you the insight you are looking for when making operational decisions, it very much relies on the quality of the information being fed into the system. And this is the part that trips up so many agencies, large and small.

Imagine if you are an agency rushing to put together a report looking at the latest revenue figures that will be used to determine an important new expansion opportunity. When pulling the data you realize that of the 10,000 records you are studying, almost half have discrepancies and others have duplicates.  

This will render any insights from the reports meaningless and means your agency will miss out on important insights that should be informing your decision-making process.  

What’s more, your teams will have to drop everything to try and correct the problem. This could either be lengthy back and forth between your agency’s finance team and Account Managers (AMs). Or, even worse, you will have to assign staff to run through the records manually and try to fix them. This manual work leads to a significant risk of errors creeping into your AMS as a result of fat-fingering keys, or completely missing a mistake

[Related Topics: Taking on Agency Dirty data]

And it’s not just reporting that is impacted by inaccurate data in your AMS. Day-to-day operations will also suffer, and you could soon be dealing with inaccurate commission calculations, inaccurate customer details like addresses and contact information creeping into other systems that your AMS is integrated with like you CRM or marketing automation tools, or lost revenue due to missed renewal dates. All of which will hurt your business in the short- and long-term.

So how can business leaders ensure that their systems have accurate, up-to-date data that allows them to build accurate reports that provides them with all the valuable insights and opportunities for cost savings and agency growth?  

Actionable Reporting Data You Can Trust

Synatic’s DataFix solution streamlines and simplifies the data cleansing process, ensuring accurate data is available in the AMS and other systems for reporting purposes.

DataFix ensure that your AMS is a single source of truth for your agency data by identifying, matching and consolidating client contact and policy information using built in AI capabilities that automatically suggest and fix errors as well as reconcile duplicate data.

Clients who use Synatic’s DataFix solution have said they can quickly and easily clean up their core data set within their AMS. This unparalleled speed and accuracy empowers their teams with accurate data for enhanced reporting and seamless decision making without any complications. With clean, accurate, and duplicate free data in the agency’s AMS, anyone, at any point, can confidently share and use reporting data.

Reports you can trust give insurance leaders access to insights that they know they can rely on, allowing them to confidently make decisions and operational changes that positively impact their bottom line.  

One of the many things our clients tell us is that with DataFix they can minimize human intervention, managing AMS policy data by exception, not by quantity. This means that instead of reviewing every policy to identify errors, their AMs only need to focus on rectifying errors that have been automatically identified and flagged (with suggested corrections) by DataFix, saving the agency time and resources.

Automate Data Cleansing and Report with Confidence

Data-driven decision-making powered by accurate reports has become a central part of successful insurance agency’s strategy. With the right data at the right time, insurance agents can gain visibility into important trends, customer needs, and industry dynamics.  

With accurate reporting data it is easy for agencies to effectively drive strategic activities. If you want to learn more about how your agency can leverage DataFix to clean your AMS data to build accurate reports, contact Synatic today.

Jamie Peers
June 4, 2024
More From The Blog: