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October 26, 2016

4 Benefits From Data Centralization

Summary:

Having multiple databases can harm the data’s integrity and result in redundant work or even reduce consumer satisfaction.

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In the insurance industry, there are often multiple people who need to access company data to do their jobs well. However, having multiple databases can harm the data’s integrity and result in redundant work or low consumer satisfaction. Streamlining data storage and availability is the ideal solution to these issues as it increases efficiency and maintains data accuracy, all the while improving the consumer experience.

Here are four essential benefits of data centralization:

Facilitates collaboration

Keeping data centralized speeds processes and facilitates collaboration, allowing for more accurate and insightful analysis. The creative team may learn of a downstream underwriting change and adjust their acquisition tactics and copy. Similarly, a traffic team may note an ad that has a high conversion rate and collaborate with the advertising team to improve other marketing materials and advertisements. Such collaborative effort may also increase productivity, as there is greater flexibility without digital walls or a “paper prison.” Information is shared, and the central data hub creates transparency in business operations, enabling cross-silo analysis and further opportunities for innovation.

Eliminates unnecessary touchpoints and reduces inefficiencies

Centralized information enables insurers and agents to offer additional services to meet their customer needs. Instead of calling and waiting to speak to an agent or customer service representative, consumers may be able to access their own policy information through a mobile app or website. Their questions may all be answered digitally, eliminating the need to contact their agent or insurer. This added service saves consumers time and reduces inefficiencies.

See also: 3 Types of Data for Personalization  

Streamlining data will also eliminate unnecessary touchpoints with your consumers and result in more effective processes. Whether a customer enters information on your website, returns a mail-form or replies by email, all of his data will be collected and maintained in one central location. Consumers will never have to answer the same question twice.

Improves data accuracy

Smart data acquisition improves information accuracy and quality. Instead of having key data in multiple department databases, it is all centralized. This ensures that anyone accessing important metrics has the latest information. There is a smaller margin of error, and this improves the consumer experience, while helping underwriters and agents do their jobs.

For example, if a customer has moved to a new location, underwriters can learn of the change at the same time the marketing department does, and both can update their processes to match the updated information. This eliminates redundant communication with consumers and allows departments to adjust immediately. Furthermore, centralizing allows you to heighten security measures in your company. Instead of implementing and maintaining security for four or five platforms, you can focus on securing one central data hub.

Prepares for the future

The insurance industry, like many others, is becoming integrated with the Internet of Things. Streamlining data acquisition will prepare you for the future of insurance, regardless of your sector within the industry. Insurance will likely undergo a paradigm shift as technology changes the way business is done. Whether it’s data flowing from telematics apps, in-home device sensors or life insurance wearables, centralized data will enable richer experiences for your consumers. Knowing of changes instantly will reduce costs and claims and allow insurers and agents to provide better services for their consumers. One central information hub that is flexible and adaptable will only become more useful as the way we insure continues to evolve.

See also: Data and Analytics in P&C Insurance  

Smart data acquisition and warehousing will improve customer satisfaction and make your business more efficient. Opt for the process that improves accuracy, eliminates unnecessary touchpoints, enables collaboration and prepares you for the future of insurance.

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About the Author

Seth Birnbaum is the CEO and co-founder of EverQuote, the largest online auto insurance marketplace in the U.S. EverQuote has been named to Inc. 5000 list of Fastest-Growing Private Companies for three years in a row and has over $100 million in revenue—with three-year revenue growth of 208%.

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