When it comes to sales and marketing, carriers that distribute through independent agencies are not in control.
Executive Summary
Sharing critical sales and marketing analytics can change the game for carriers and independent agents, according to Jason Walker, the co-founder of a company that provides digital technology solutions for agents. Walker lists three potential areas of collaboration between a carrier and its agency distribution force that he believes every carrier should consider. He describes the benefits of obtaining analytics from independent agency partners, barriers to be overcome, types of information available in today's digital market and explains how carriers can ensure their agency partners are gathering and saving the right information.Many carriers have put significant focus on data and analytics within their own organizations, from predicting claims to developing rates. Far fewer carriers have focused on the front end and using analytics to better understand target markets and customer behaviors. This is especially true for carriers that distribute through independent agencies where they often don’t have direct access to key information.
The insurance market is changing and is continuing to become significantly more competitive for both carriers and agencies. Having a deeper understanding of target market behaviors, web preferences, and specific product interests through the use of digital metrics can be critical to competing more effectively with direct writers and Insurtech apps that have the ability to analyze and predict consumer behaviors through the channel end to end.
