Having customer data is an advantage because an insurance brokerage will be able to get ideas and insights from them such as what to use for insurance marketing campaigns. According to the leader of a commercial insurance brokerage that operates online, Sam Natur, the most important thing to consider is that the data should be trustworthy before use. This is a part of his speech during the latest conference he attended.
Natur is the president as well as the CEO of Bullfrog Insurance Ltd which is based in Mississauga, Ontario. During the Insurance Analytics Canada Summit last June 29 held in Toronto where he was the event speaker, he said that if the firm does not have the data required then they should find a way to be able to gather all these data.
Bullfrog is a firm that handles commercial insurance brokerage. In 2103, Canadian Broker Network or CBN which handles a total of seven brokerages founded the company. Bullfrog’s launching was done by CBN last March of 2015.
Bullfrog makes it possible for commercial customers to avail of an insurance policy, pay their premiums through a credit card and acquire policies bound that do not require paper signing.
During the said summit, Natur showed the audience a presentation called Improving Products and Service Through Analytics. It says that brokerages that are utilizing data analytics should make sure that the data they are gathering can be trusted.
The integrity of the data is important to ensure that there are no lingering doubts when making decisions based on the data. As for Bullfrog, they gather basic information online from the forms that the prospects are filling up. They were able to obtain their IP address, gender, age, the browser and device where they logged and other important information.
Gathering data is not as easy now because of the demographic that requires speed. They are the ones that are not willing to spend so much time answering forms and questions. They want to get straight to the point. This is why the firm has decided to narrow down their questionnaires to about 5 to 7 questions only. This way more prospects are willing to sign up and they can gather data for their analytics and the same data can be used by their insurance marketing campaigns as basis.