Big Data Drives Decision Making, Customer Retention for Brokerages
What is Big Data
Big data is larger and more diverse types of information, that are collected and created much quicker than traditional data.
Organizations have stored data for decades, but the term Big Data took off in the early 2000s when Doug Haney spoke about the 3V’s of data: Volume (amount), variety (types), and velocity (speed). Since then, a few more V’s have been added, namely variability (variety/changes) and veracity (quality). Learn more about the 3V’s of Big Data: https://bigdataldn.com/news/big-data-the-3-vs-explained/
The big data analytics market will reach a value of around $103 billion by 2027, according to Findstack.com.
Why use Big Data Tools
According to Internet Live, there are over 64K Instagram stories and approximately 5.3 million YouTube videos viewed every minute. Traditional data collection tools can’t handle the immense amount of data swirling around the Internet. Individuals use 2.5 quintillion bytes of data daily. Thus, proper tools are needed to capture and analyze this data to improve how businesses collect and store their data to solve complex problems and to better understand their customers’ behaviour.
Benefits of Big Data for Brokerages
Brokerages can use big data to increase operational efficiency, improve sales and retention, and be competitive much like tech giants Meta and Google. Even small and medium-sized brokerages can benefit from using big data when considering their marketing efforts, pricing decisions, engaging customers, and operational performance.
But for a brokerage, it can be challenging to collect and analyze large amounts of data without hiring a team of dedicated data scientists to figure out what data is relevant and what is not.
“Data-driven companies are 23 times more likely to acquire customers.” (Source: McKinsey)
Data-Driven Solutions for your Brokerage
Using digital platforms has become more popular with the ability to predict consumer behaviour. Trufla’s plug and play product solutions, combining big data with AI, transforms a brokerage’s large data set into digestible information that can be analyzed and used to improve operational efficiency and the customer experience.
Our data intelligence tools include Broker X-Ray, truPredictor, and Broker Dashboard. Let’s explore them in brief below.
Broker X-Ray is a retention tool that identifies insurance coverage gaps and predicts customer cancellations to save your brokerage time and money. The plugin uses Big Data and AI to X-Ray a brokers’ Book of Business.
The broker dashboard sends brokers real-time data to their device to keep them informed of their client’s insurance information and to boost quality leads.
The dashboard can view key metrics, including:
- Number of clients and active policies
- Gross total premium
- Monthly sales
- Retention rates, Book of Business
Trufla’s predictor tool uses anonymized data to predict website visitors’ insurance rates by initiating quick quotes. The AI powered plugin targets visitors who are ready to buy, delivering hot leads and increased revenue to your brokerage.
What’s in Store for the Future
The global datasphere is expected to reach 175 zettabytes by 2025, according to IDC Forecasts. Meaning, big data is not going anywhere. Brokerages will need to either jump in and keep pace with collecting, analyzing and storing data, or risk falling behind in using AI-powered products that predict consumer behaviour.
For more info on Trufla’s data-driven products, go here.