Insurance remarketing is the process of trying to retain existing clients whose policies are up for renewal. The challenge for insurance agencies is the range of options that clients have to compare prices and switch providers. However, to be effective, remarketing campaigns require resources — in people, time, and money. In addition, the insurance industry is subject to regulatory changes, so agencies need to be sure that campaigns are compliant. Fortunately, automating the laborious task of ensuring policy information accuracy enables agencies to streamline remarketing efforts efficiently.
Remarketing a policy, usually close to renewal, allows an agency to obtain various quotes from carriers for their clients. The challenge is trying to ensure that the existing policy information in the agency’s AMS is correct.
The problem with poor quality, or dirty, data in the AMS is that it affects the rating and quoting process, if the client’s policy data doesn’t match the carrier's information it will be rejected. This extends the time to successfully renew or upsell a policy, and ultimately affects the profitability of the agency.
From the carrier’s standpoint, a lack of trust in the accuracy of data within an agency’s AMS negatively impacts the carrier-agency relationship. Carriers are forced to verify the information received from the agency, leading to additional workload for the carrier.
Dirty data in the AMS means that reporting can be suspect, since agents are not sure that the insights from the reports are correct. This in turn affects the ability and confidence to remarket.
[Related Topic: How to Use Technology to Improve Renewals]
Insurance agencies periodically perform a data clean-up project on their AMS, to clean up accounts, contacts and underlying policy information. Usually, this is done manually, which means agents have to access each account and check through thousands of fields, making sure the information is correct and free of errors. In larger agencies, where thousands of accounts need to be reviewed and cleaned, the clean-up work is often outsourced to third-party business process outsourcers (BPOs) - which can be costly if the agency is running on a tight budget.
In some instances, agencies embark on initiatives to clean up their AMS, intending for it to be a 6-month project. However, unforeseen circumstances often extend the timeline, and what was initially planned for 6 months can stretch to 2 years or more. In certain cases, projects may even remain incomplete due to factors such as unexpected delays, project scope expansion, or insufficient resources. To address this, agencies have to throw more resources and money at the project with little benefit to show at the end.
Automation is increasingly being adopted by insurance agencies to improve business processes. Verifying data for remarketing is one process that can be automated cost-effectively and quickly.
[Related Topic: How Clean Data Can Improve Policy Renewals]
DataFix streamlines and simplifies the data cleansing process, allowing agents to spend less time dealing with data quality issues and more time serving clients and being productive. By taking care of data management tasks with DataFix before remarketing begins, agencies can be assured their AMS data is accurate and duplicate-free. Agencies can also be confident that they are operating on up-to-date data. With clean data, agencies can generate high-quality reports from their AMS to enable data-driven insights.
Remarketing can be a powerful tool for retaining existing customers and growing an insurance agency’s business. However, if remarketing involves many manual processes to ensure data is clean first, it can take time and resources, and there is still a danger of the data being incorrect. DataFix by Synatic not only makes cleaning data before remarketing quicker and more accurate than the manual process, but it also ensures that any data collected is deduplicated and cleansed on a continual basis.
If you want to learn how your agency can improve AMS data quality and streamline policy remarketing efforts Contact Synatic today.
