Data is the key to survival in the insurance industry today. Customers expect their advisors to have the insurtech solutions to deliver personalized insights via online channels, but utilizing insurtech insights is also essential to keep up with the competition.

Data-driven organizations are 23 times more likely to acquire customers than their peers. Major insurers are already making significant investments in big data with 86% of insurance companies working on insurance data analytics to optimize predictions.

But “big data” is not only intended for big companies. Insurance agents and advisors can also collect and convert data into useful insights that drive their business. With an advisor-rich insurtech platform that provides next-level insights, agents can drive sales, build stronger client relationships, and increase referrals.

Here’s why an omniscient overview of clients and their financial well-being will be the key to future business.

Higher Visibility Increases Client Sales

The vast majority of digital tools that agents use today – from CRMs to quoting software – are focused on customer acquisition. Many agents lack a technology solution that helps maintain the client-advisor relationship after the initial sale.

This represents a major gap in business for agents. Why? Because current customers are often prime prospects for future sales.

With an advisor-centric platform like Link by LegacyShield, advisors and clients can collaborate within the platform, securely share policies, message each other, and store files. Advisors receive notifications when clients make changes within the platform and receive comprehensive activity alerts for each client. 

Insights can include when and how clients view information, what they’re saving and what they’re not, and what items they look at after the sale is complete.

These next-level insights allow insurance agents and financial advisors to identify gaps in coverage, know when to reach out to clients, and alert them to sales opportunities. For example, if a client logs a major life event – like buying a house or having a baby – the advisor can proactively reach out to the client to discuss increasing their coverage or to recommend solutions.

By using software to achieve higher visibility into their clients’ activities, advisors can provide their clients with just-in-time service and personalized solutions to solve their client’s needs and maximize sales – all without a lot of leg work.

Client Insights Lead to Stronger Relationships  

Being able to predict and provide the right solutions at the right time has long-term benefits beyond immediate sales. It also builds a stronger client-advisor relationship.

The majority of today’s customers want to connect, share, and conduct business online, according to a CNBC study. When advisors connect with their clients online and use data to make personalized recommendations, clients begin to see them as trusted advisors rather than just intermediaries. Brand loyalty and trust increase as a result. With that foundation of trust, clients are willing to share even more important information and life details that matter most. That can include opening up their network of family, friends, and contacts to their advisor.

In the end, the advisor is creating a positive feedback loop where the client and advisor both benefit from increased communication and advanced insights. This relationship-focused business model reduces churn and increases customer retention, which is key to running a business in a cost-efficient way. [Read more from our blog, “Insurance ROI: Are You Doing the Right Math?”]

Deeper Connections Uncover New Leads

Client insights powered by insurtech can do more than increase sales among current clients. Insurtech tools are also a powerful way to increase referrals – the most powerful source of new leads.

For example, a platform like Link allows clients to connect their family members and friends to their account to be certain that their financial information and other assets get to the right people at the right time. When clients connect with these individuals, they become new referral sources for the advisor. Since the advisor already knows about the clients’ families, they can naturally reach out and connect across multiple generations.

Retaining a clients’ family members can build generational loyalty and a strong book of business. Customer retention does not relate to just one client; instead, advisors can retain entire families as clients.

Client insights attract a multitude of opportunities and advantages that become more critical each year. With new insurtech options available, advisors can now use data-backed insights to provide the next level of customer-centricity and efficiently manage their businesses.

To learn how consistent communication works in tandem with client insights to boost your business, check out our blog, “Unlocking Success for Insurance Agents.”


Dan Pierson

Dan Pierson

Dan Pierson is an insurance industry veteran, having run several insurance businesses and eventually selling a nationally recognized life insurance general agency. Dan started LegacyShield to help other insurance advisors grow their practices by focusing on the consumer experience.