Insurers are investing in data analytics to provide more accurate risk assessments and customized products.
A number of factors are driving these developments. For example, clients are asking for deeper insights. Competition is leading brokers to use analytics to better differentiate themselves. Large competitors are also investing millions in data platforms.
To take advantage of this influx of data, insurers should focus on how they’ll use this technology to drive sales. To do this, they need to remember the point of sale: Potential clients can receive a more targeted product offer as a result of these powerful tools. Insurers who implement ongoing training programs will help agents stay up to date on new tech trends.
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