I was once told, it doesn’t matter if you’re using a 13” ruler or a 12” ruler, as long as you are using the same one each time. While it may sound a little funky at first, it’s true. If you are measuring your results the same way each time, you can compare the results. Now, I wouldn’t recommend using a measurement that is hard to replicate, but I do fully recommend continually measuring results within your agency to make business decisions.
What metrics should you be measuring?
This can be a tough question to answer, but a critical one if you want to see how you are doing month over month, year over year, etc. Additionally, what metric you are looking at may be different than what another agency is looking at. You have to find what works for you and shows you the answers you need. Here are a few metrics you can use to start tracking your agency growth. For a more in depth look, read our blog Is Your Agency Tracking These 5 Growth Metrics?
- Individuals, groups & policies by lead source
- Groups & individuals by status
- Policies by coverage type
- Top producing agents
- Net vs. Received Commissions by coverage type
What can data measurements be used for?
Having data that is continually measured allows you to see where your growth is coming from or areas that could be slowing your growth. Having data to back up your decisions helps alleviate indecision. And when the time comes to sell your book-of-business, you’ll be able to show historical data about your agency. In the ebook, What is Smart Data? we discuss using your data to grow your business. Here are few ways data can influence your decisions:
- Patterns in your business
- Which coverages have sold well together?
- What statuses in the sales cycle are a bottleneck?
- Lead sources
- Where should you focus your marketing funds?
- Top producing agents
- Who could use a bit more mentoring or encouragement?
How can an AMS can streamline it?
Calculating your data weekly or monthly can get cumbersome, and it becomes very tempting to skip a week/month, or two. This is where an Agency Management System (AMS) can be a great asset. It can do the calculations for you in a timely manner and have it ready for you. Here are benefits of using an AMS, such as the AgencyBloc’s Analytics Dashboard, to measure your data:
- Eliminate errors - entry or calculation
Manually entering data can lead to errors; in fact, 88% of Excel spreadsheets contain errors. This can be from typing in the numbers to accidently erasing a cell, but using an AMS allows you to upload your data directly to the system and the calculations are done automatically.
All the information is up-to-date as soon as you add new data. The data recalculates and shows you the new results!
See the real-time data in graphs and charts. Visuals make it easier to see where you stand at a quick glance instead of a page full of numbers left for interpretation.
- Industry-specific reports
Using an AMS that is industry-specific will give you useful reports because it knows your industry and the important data you need.
Measuring data may not be your cup of tea, but knowing where your agency’s business stands and where it can improve will prevent headaches in the future. Start with one report you feel is most valuable and expand on to others over time. As you see what data can do for your business decisions, expanding to an AMS with analytics capabilities may be more efficient and better for your growing business.
[eBook] AgencyBloc's Dashboard Analytics
Ready to make smarter business decisions for your insurance agency in 2017? Check out AgencyBloc's new Dashboard complete with thorough analytics and personalized dashboards.