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This submit is a part of a collection sponsored by AgentSync.
Once you implement a brand new tech resolution, you assume you personal, and may simply entry, your information from inside stated system. This isn’t essentially the case. Learn the tremendous print and chances are you’ll study your information isn’t accessible, and even yours in any respect!
Positive, you in all probability legally personal your information. You probably have it in writing, that when you stroll away from no matter software program providers you contract with, you possibly can export a large CSV file or what have you ever. However do you personal your information? Can you employ it to raised perceive your small business, your prospects, your producers, your course of? As a result of that’s actually proudly owning your information.
ROI, NPS, CBA… Flip occasions, lagging indicators, main indicators… Information drives selections – nowhere is that this extra concrete than in insurance coverage, the place the elemental thought of the enterprise is grounded in actuarial tables.
But, with regards to inside processes, information is usually unstructured, and thus, captured in a black field of operations. Generally it’s data that lives in manually maintained programs resembling spreadsheets, shopper relationship administration (CRM) software program, faxes, and precise paperwork. Different occasions, it’s data your group has migrated to digital software program, resembling contracting or insurance coverage producer compliance programs.
Good corporations use information to grasp their prospects, producers, and employees. This is applicable simply as totally to inside processes because it does to claims-paying and customer support. Unlocking your information means higher understanding solutions to questions like:
For those who’re trying to make use of data-driven choice making, accessing your information isn’t simply essential, it’s crucial.
Sadly, with regards to inside operations, too many organizations are counting on intestine intuition and an in-the-trenches mentality to drive their selections. And lots of organizations don’t even understand how or the place to get the knowledge they should make good decisions.
Missing this type of visibility is about extra than simply avoiding silos (though that’s objectively superior). It’s additionally about information privateness, proudly owning your small business insights, and avoiding regulatory missteps by defending private data.
So, who owns your information? The solutions to those questions might reveal much more about your entry to your personal data.
This may occasionally look like a quite simple or very complicated query relying on whether or not you employ a collection of guide entry processes or have a single supply of reality.
For service contract information this will likely stay in a mix of:
For compliance information,your data may stay in a state database, your shopper administration system, your emails, a pile of papers by a fax machine, or (for the love of Mike we hope this isn’t occurring however it’s) sticky notes on somebody’s desktop.
For those who’ve been doing issues manually, discovering the place your information lives at any given second is an arduous job. If in case you have a database, resembling a compliance administration resolution or a contracting software program, the information ought to be higher organized.
The place and the way your information is organized is crucial with regards to figuring out who owns your information. If it might take your group a matter of hours and even days of labor amassing and analyzing your producer information to grasp onboarding bottlenecks or contracting stuttersteps, you then don’t personal your information, your information owns you (even in case you have authorized possession of it).
This query could also be presumptuous – it appears evident that any information assortment would require a point of upkeep to maintain the knowledge present. Nevertheless, whether or not you personal your information could rely on the place that upkeep comes from.
If you need to manually exit and search information updates from producers, state governments, or different entities, chances are you’ll not personal your information.
If in case you have a 3rd celebration deal with your entire information upkeep, whether or not you “personal” your information or not depends upon how accessible it’s after that time. If you need to bounce by way of hoops to get stories or alerts about essential data, then arguably your possession is nominal. Like the way you “personal” the stationary bike at your sister’s home.
If in case you have a supply of reality that routinely updates your data no matter whether or not the replace comes from producers, carriers, or state governments (like a compliance software program that integrates with the Nationwide Insurance coverage Producer Registry, as a purely hypothetical instance), then chances are you’ll be getting very near proudly owning your information. On this case, despite the fact that your group isn’t having to do a bunch of labor to maintain data up-to-date, you have got essentially the most present accessible information at your fingertips! That’s, in the end, the perfect by way of information possession and accessibility.
Accessibility arguably is possession.
That is actually the stickiest of sticking factors by way of who owns your information. If in case you have a software program that organizes your information and collects it in easily-compared standardized information fields however then that service supplier then gatekeeps that information – information you entered and keep and pay the SaaS to arrange – then who owns it, actually?
Usually, software program corporations promise to arrange information and provide you with extra insights to make knowledgeable selections. But, it pays to ask questions on the way you’ll be capable of entry stated insights.
Do you employ software program that offers you a set of standardized stories out of the field, however then nickel-and-dimes you for extra nuanced data down the street? Even which may be tolerable relying on how clear your SaaS accomplice is about prices, and the extent of knowledge they’ll parse in a single go. Nevertheless, in case you have a software program supplier that provides every report for a charge, you won’t “personal” your information.
Just like the earlier query, even carriers, companies, and MGAs that use a 3rd celebration software program as a service could have totally different experiences and expectations relying on their vendor.
Some software program distributors have a grab-bag of generic stories customers can simply generate on the contact of a button, whereas they gatekeep stories that require extra qualification factors or nuance. Others cost you per report no matter how detailed, particular, or customized the report must be.
Fb is mining your information for advertisers and engagement. Google makes use of your information to enhance merchandise and affect your choice making on every part from eating places to style decisions. We’ve all guessed on the downsides of these limitless information factors. So it stands to purpose, when you can’t entry your personal group’s information to research it, then who can? And the way do they intend to make use of it?
If you need to pay by way of the nostril to grasp primary habits about your producers, or generic timelines to finish inside processes, but your compliance SaaS supplier has industry-wide information insights to offer, it poses the query: Who actually owns your information?
In case your solutions to the previous questions gave you confidence that you simply personal your information, then you need to ask your self whether or not you’re placing it to make use of successfully. For producer compliance information, we’ve seen efficient use circumstances for carriers, MGAs, and companies to make use of information to reveal:
Backside line, if it’s your information, it ought to be just right for you. And when you’re an AgentSync buyer, it does.
At AgentSync, we’ve got primary reporting inbuilt, together with a Scorecard that reveals at-a-glance compliance of your entire insurance coverage producer pressure, out of the field with our Handle product. And extra reporting doesn’t value a factor. Not solely do you personal your information in a literal sense, with AgentSync you OWN your information: You get to resolve the way you slice and cube it for one of the best insights to make data-driven enterprise selections.To see how AgentSync’s product suite might help you higher handle your inside processes and provide you with perception into your personal information, try our options.
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