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Why Quoting Services Depend on Data Management
Why Quoting Services Depend on Data Management


Why Quoting Services Depend on Data Management

When you go to invest in something, chances are you’re going to want some information before you just dive in. You can’t just blindly purchase the wrong product and end up overpaying for services you don’t actually need. Instead, you want to get a quote and check out the perks and value of your purchase. This is especially true with any insurance policy.

Everyone has their own unique lifestyle. Therefore, as an applicant for health or life insurance, you’re going to look differently at the insurance company. Today we’re going to look at life insurance specifically. When you go to purchase life insurance, your health and other factors will play into the quote you’ll get. This means the insurance company needs to be prepared to answer all your questions and process your analytics in a unique way. Business intelligence and data analytics software can help you manage customer information and give out quotes quicker. To give effective quotes, life insurance companies rely on data management. Here are a few examples of why and how this occurs.

Adapt to specific requests of each customer for new quotes.

Life insurance is a contract between an individual and an insurer that guarantees a payout to specified beneficiaries upon the event of the insured person’s death. This can be a complicated quote depending on someone’s specific health standings. Some individuals may be looking for term life insurance while they have a serious medical condition like multiple sclerosis (MS). MS patients live with a difficult neurological disorder which causes a slow decline in health, unless their multiple sclerosis is in remission. They will want to get a multiple sclerosis quote to see what life insurance package can give them the best deal on trips to the neurologist and treatment for their central nervous system. Online sites make these quote comparisons easy, so patients can focus on healing instead of money. Without the help of data management, it would be hard to factor in these extra pieces like a medical diagnosis. Having business intelligence software allows your systems to automatically adapt and give new information with that new data.

Stay integrated across your platforms.

When you are working with a new client to get them signed up with life insurance, their information passes through many systems. You want to be sure you’re constantly giving them the same information and building a unified premise. This is where you’ll need an Application Programming Interface (API) that can help connect all your data sets. With TIBCO API, you can secure the scalability, security, and analytics on your platforms. Be able to give consistent quotes and manage customer responses across multiple platforms to better manage their life insurance policy.

Give information in real-time.

You live in a world of immediate gratification. People want answers and they want them almost immediately. You need to be prepared to give that information in real-time. Data management allows you to provide a specific, personalized quote a few minutes after someone asked for one. Thanks to machine learning and artificial intelligence, your system will already have the outline and tools to give a quote, so it takes a much shorter time to come up with the official quote.

Track customer data and communications.

Data management is all about tracking customer data. When customers ask for a quote, you know they’re interested and you can appeal to them later down the line. Plus, you’ll be able to track every time they visit your site and inquire about specific services. This can help you cultivate a better experience for that customer and make interactions with your team feel more personal. By tracking data, you can have a quote ready in minutes and keep track of those customers every step of the way.

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