Leveraging the Power of Self-Service Reporting

Insurance agencies play a vital role in the financial security of individuals and businesses by offering policies that protect against various risks. However, the agency's success hinges on their capacity to access and leverage valuable insights from their reports.

One of the primary challenges faced by insurance agencies is the limited accessibility of reports and data. Typically, reports are pulled by managers, owners, or principals within the agency, and the information contained in these reports remains inaccessible until it is shared internally. This lack of transparency and delayed sharing of data make it difficult for full-time agents, as well as agents who are not direct employees of the agency, to access key insights when they need them the most. This lack of accessibility to data prevents full-time agents and contractors from gaining a comprehensive understanding of the accounts they are running and limits their ability to contribute effectively. These agents become reliant on a single person to pull a report, creating a barrier that makes it difficult for information to be shared with all the agents that need it, in turn slowing down their decision making.

Security restrictions around confidential data pose another significant challenge. Due to the sensitive nature of the information they handle, insurance agencies have stringent security measures in place. While these measures are essential for protecting client data, they also create hurdles in terms of quick and easy access to reporting information. Agents, both internal and external, must navigate through complex security protocols to obtain the data they need. This often leads to delays and inefficiencies in accessing crucial information, further hindering their decision-making processes.

Data-driven decision-making has become a central part of successful sales strategies in the insurance industry. Without the right data at the right time, insurance agents struggle to gain visibility into important trends, customer needs, and market dynamics. This limited visibility makes it challenging to drive activities effectively. Agents may fail to identify policy renewal dates, overlook potential cross-selling opportunities, and ignore areas that require better service, leading to a loss of revenue and diminished client satisfaction.

The Synatic Solution

Synatic offers a Data Integration Hub that allows agents to regain control of policy data and make generating reports effortless. With Synatic's comprehensive toolset, insurance agencies can collect, store, and securely expose data into an agent's business intelligence (BI) tool. This enables agents to independently pull their own reports whenever and wherever they need them, eliminating the reliance on a single person and ensuring timely access to crucial data.

By empowering agencies with quick and easy access to reports and data, Synatic enables agents to proactively set up their daily tasks. They can utilize the insights gained from reports to drive their activities without having to rely on weekly or monthly instructions from managers. This autonomy allows agents to be more proactive, responsive, and efficient in serving their clients' needs.

Synatic's Data Integration Hub serves as a nimble, simple, and powerful data integration tool that facilitates the collection, organization, and operationalization of data. Insurance agencies can leverage the data stored in a data warehouse to build reports using BI tools like Tableau, or Power BI. These tools enable automatic analysis of the data, providing valuable insights that drive decision-making processes. By operationalizing the data stored in a data warehouse, insurance agencies can address specific functions for executive management, branch operations, and insurance agent performance, unlocking the full potential of their data-driven strategies.

To learn more about Synatic and how the platform can be leveraged to improve self-service reporting, contact Synatic today.

Wesley Borain
August 14, 2023
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