New software lets brokers analyse every aspect of their business in detail. Prepare for a few home truths about what contributes to overall performance
Identifying the weak links in a business is about to become far easier. The latest technological developments will put sophisticated tools into the hands of brokers’ managers that will revolutionise relationships across the insurance industry.
Software house Acturis has unveiled new technology for examining business performance in the form of the company’s new ‘dashboard reporting tool’.
The free-to-use software for brokers on the Acturis platform lets managers view a range of company results in a highly visual manner.
The software generates graphs, heat maps and colour-codes performance, giving brokers a clear view of areas of their business that may previously have been time-consuming to examine and compare.
Comparing staff performance
Key performance indicators include overall income performance, new business, renewal retention and lost business.
Most importantly, the tool allows users to quickly home-in on the origin of a particular business performance. For example, a manager can compare the performance of different regional offices against each other and even examine the efforts of individual employees in any given office.
In this way, managers can glean an understanding of relationships between colleagues within regional offices, or even between account executives and insurers, without examining labyrinthine raw-data records.
Huge amounts of information are processed by brokers daily, and the industry has been missing a trick in failing to take advantage of how data can inform businesses about their own performance. The software simply feeds this data back to managers through clear graphic representations.
Acturis has worked closely with Oval Group in creating the dashboard tool and has trialled the service with several companies already using the Acturis platform.
Oval IB Operations managing director Anita Watson said: “Overall group performance can be viewed across a number of important metrics, and when results deviate from expected performance, good or bad, we can quickly drill down to the branch offices within the group, and then to the account executives within each branch office, and finally to the clients within each account executive.
“The dashboard tool can also be used to look at product-by-product performance analysis, or performance insurer-by-insurer. There is little we cannot monitor quickly and accurately using this tool.”
Client-tailored features
Acturis co-chief executive David McDonald said that the company will also be looking to add tailored features for clients. “We are looking to build upon the basic dashboard service with more bespoke client-by-client enhanced dashboard services, and also by extending our offering into new areas, such as process management and efficiency reporting tools.”
The Acturis platform is used by over 8,600 people at more than 400 UK sites. The dashboard software works by interpreting information that users routinely add to the system. This means that there is no extra data inputting required by brokers to access the new information.
Technology companies are under pressure to deliver the right products at a time when the market can use them to maximum effect. Tools that can really detail and compare the performance of every part of a business are must-haves for the manager of any broking firm.
No comments yet