Santa Barbara, CA – June 8, 2020 – For decades, insurance companies have been grappling with the challenge of data and analytics. Data continues to be collected in real-time for most applications and traditional approaches to analytics just doesn’t work. Analyzing data on a monthly, quarterly, or yearly basis, in most situations, is too late. In order to make informed decisions on pricing, products, underwriting, and marketing, intelligence needs to be brought to the frontline.
There is no doubt that data has become extremely valuable to the insurance industry. Insurers not only want to know who you are, what you do, how you shop, and what peaks your interest to buy, they seek to understand your past history, and the likelihood of what you will do in the future. The problem is that by the time companies make those predictive decisions, you have already taken action – and the company potentially lost an opportunity.
Frontline intelligence shifts the paradigm by analyzing data as it occurs, in real-time, enabling decisive action to be taken immediately. In doing so, insurance organizations can be proactive in making better informed decisions.
There are many examples of where Frontline Intelligence would have a significant impact in the insurance industry.
Industry Examples
Exposure Insights
Improving risk selection and straight through processing metrics with automated, third-party data and analytics integration.
Performance Monitoring
Making course corrections to avoid over accumulation of risk in a given region for a given segment of the population.
Win/Loss Analytics and Price Benchmarking
Identifying where competition is out-performing you so that a rate adjustment, or additional coverage can be added to better compete.
Pipeline Efficiency Metrics
Understanding where bottlenecks exist in the rate/quote/bind/issue process so that they can be further analyzed and addressed.
Agent or Underwriter Behavior Analytics
Understanding how different behaviors generate different results and introduce better training programs to optimize and educate.
Customer Preference Analytics
Identifying which deductible, coverage combination is most popular for specific policy classes and regions.
Becoming Frontline Intelligent
Frontline Intelligence is the combination of real-time insights and timely action and can greatly improve decisions on pricing, products, underwriting, and marketing.
Here are some simple questions to ask in pursuing frontline intelligence.
- What data do you want to evaluate?
- How available is the data?
- Is there any data latency issues?
- What are the potential insights from this data?
- How long would it take to see those insights?
- What actions should be taken on each insight?
- How long would it take to implement those actions?
- What is the priority of those actions?
- Do you have the right tools to make it work?
Our mission at ClarionDoor has been to develop Frontline Intelligence capabilities for the industry, coupled with an innovation and distribution platform that is designed to facilitate and automate ongoing change, allowing insurance providers and their partners to identify and capture the opportunities that are out there. We would love to engage further on our experiences in the market thus far, and collaborate together on a journey to improve actionable, real-time Frontline intelligence – after all, it’s about time.
For questions related to this article, please contact Spiro Skias, Director of Product Marketing at spiro.skias@clariondoor.com.
About ClarionDoor
ClarionDoor is disrupting insurance distribution via proven, cloud-only digital distribution solutions for rating, quoting, issuance, forms and real-time performance tracking. Our API First & Always architecture enables customers to automate product innovation and change, sales, and distribution for any product or line of business and in any geography. ClarionDoor’s rapid implementation approach gets customers live in weeks, mitigating the need for extensive integration projects and eliminating ongoing hidden costs. ClarionDoor’s proven track record of delivering on time is backed by zero failed projects and 100% referenceable clients. Learn more at clariondoor.com or contact us at cd_info@zywave.com.