Other articles in this series:
- The Values & Benefits of the Breathe Life Platform
- A Focus on User-Centricity Creates a Win-Win Scenario
- The Power of Consumer Insights and Business Intelligence
- The ROI of Using the Breathe Life Platform
Delivering a fully digital solution to replace a previously manual set of processes brings with it a wealth of data. This week in my series on the values and benefits of implementing the Breathe Life platform I will explore value #2 — the power of consumer insights and business intelligence.
The insights into interactions with the modules of the Breathe Life platform begin to accrue from day one and can be used by both the insurance carriers and advisors to better serve the needs of their customers. They can also, in turn, ensure the right people are being targeted with the right insurance products, vastly increasing sales conversions. These insights are an essential tool in helping Breathe Life continuously iterate and improve the platform.
For the Consumer-Driven Module, the anonymous business intelligence gathered from the data is what enables us to help carriers understand who is in the market for insurance products and how and where to target them.
A complete understanding of when and how people choose to buy insurance products helps our partner carriers and MGAs launch successful advertising campaigns. Building on this, our business intelligence will be able to help partners understand their clients even better than before. A more detailed picture of the potential customer base means that our partners can easily plan for significant changes in their client’s circumstances. In the future, our partners will be able to offer clients policy changes or upgrades when they need it most. Getting married, having children, buying more property or even age are all indicators that can help an advisor know when to reach out to their client and which products they should be recommending to them. Empowering carriers and advisors to do this ensures that all the people they help will continue to have financial security despite their changing life situations.
It is important to note that the Breathe Life platform and its insights tool only provides anonymous information that is aggregated on a whole so as not conflict with any personal data privacy laws. However, this larger data set actually allows for a deeper analysis and understanding as it is much broader in scope.
The Advisor-Driven Module is able to consolidate all policy applications in one, easy to navigate portal. The ability to digitize this part of the process means the system is now searchable for any specific information an advisor might need to make a decision on different coverage options. Having all of this data stored in one place facilitates ease of anonymous data gathering that can then be put to good use determining who is buying from you, at what stage of the process and why they select certain parameters based on their demographic.
The value for our partners hinges around providing a more comprehensive picture of the target addressable market. They may then use well planned, strategic marketing and sales tactics to generate revenue growth across the board. Combine this with the fact that the insurance consumers themselves actually get better matched with the products they seek and it creates a win-win scenario for all involved. This gets us one step closer to ensuring financial security for all people, whoever and wherever they are.
Stay tuned next week as I explore the final value, Digital ROI Optimization.