Writing Large Accounts Using Big Data

For the past year or so, you have been inundated by insurance carriers and service providers endlessly discussing their “Big Data” strategy with you.  But, when you look deeper into it, you are learning that the vast majority of it is about underwriting information, management benchmarks or exotic marketing strategies that most don’t have the ability to implement.

As we used to say... ‘That’s all great, but what does it have to do with the price of tea in China?’  In other words, ‘What do we need in order to compete at a higher level and actually grow our market share over our competition?’

Property Casualty brokerage firms have been extremely slow to adopt meaningful analytics, metrics and outcomes that show a client how they have impacted their profits, EBITDA, productivity and other important business goals.  The Property Casualty brokerage industry is woefully behind every other industry in this regard.

Yet, virtually every one of your C-Suite buyers operates their business based upon metrics, KPI’s and analytic performance.  If you don’t believe that, ask your top clients what KPI’s they use to judge their performance.  Then hold on because you will hear everything from turnaround time to CAPEX, shop rates to shareholder valuation, EBITDA to revenue per item, etc.

Then ask yourself this question:  'How have we really impacted their important business metrics?'  Then throw in one more: 'Can we actually prove it with data-driven results?'

Some of you have invested hundreds of thousands of dollars in resource capabilities. Yet, you can’t answer those two important questions.  A bit frustrating isn’t it?

Oh, you can tell them about the reduced loss ratios or the reduced claim costs and even about how you have impacted their risk financing structure.  If you are lucky you can even show them how you have reduced costs around the collateral on a self-insured program.

But, here is what you probably can’t tell them... the specific impact your firm has had on their business goals and what it has been for all your top clients.  In a new business presentation you probably can’t provide Business Intelligence that will predict what the prospect’s results would have been.

So, it is time for the insurance brokerage business to join the rest of the business community in actually providing a quantifiable value that is based upon credible data and outcomes.   Up until now, it was not your fault.  The capabilities and data standards did not exist for middle and upper-middle market accounts.

But now they do.  TCORCalc® has changed the way that Analytic Brokerage firms attract and retain middle/upper-middle market accounts.  The TCORCalc Members and Analytic Brokers have access to information and client delivery tools that are broker-based.  TCORCalc members have a huge advantage over their competitors.

They know not only the price of tea in China, but exactly what their client results have been.  They are able to translate it to buyer KPI’s, metrics and analytics.  A strong currency in any language!

Learn More About TCORCalc Now

Best Regards to Analytic Brokers™

Rob Ekern, CAB (Certified Analytic Broker™)

Chairman, TCORCalc®