Is your agency data driven?

The average adult makes 35,000 conscious decisions in any given day.  It’s true! Don’t believe me – I didn’t believe it either until I found multiple credible sources citing the same crazy number!

Think about that 35,000 decisions.

I did the math, and in order to make 35,000 decisions in one day we are deciding something every 1.85 seconds (provided you sleep an average of 6 hours a day.) That’s crazy!

Have you ever thought about what is driving your decisions? 

The only way to make that many decisions in a day is to use your instinct, so the real question is what is driving and informing your instinct? 

We all know that we live in a world of overloaded information.  The amount of data that we all consume through social media, internet, TV, ads, and other sources is exponentially higher than it was even 5 years ago.  This is fueled by the sheer volume of hours we spend in front of screens of all types and the wider access to various data sources that is created by that behavior.

So we have access to massive amounts of data and we are making an astronomical number of decisions – but have you ever stopped to think about whether the data you are consuming is the data that you need to inform your decisions?  Do you even know where to go to find the data that you would need to make an informed decision?

In so many instances, I believe that while the data we need exists – it is just not packaged in a way that we can consume easily and quickly to help inform our decisions. This is changing rapidly in many industries, but in some that change is a slow and tedious process.

OIA recognized that we had access to data that could help our agents make informed decisions and our unique position in the marketplace allows us to see a different view, and that collective view could be very helpful to agents when they are making decisions about their agency. 

For instance, knowing what the fastest growing agencies' mix of business looks like could help you decide about your product mix strategy.  Same goes for your carrier strategy, staffing philosophy, compensation structure or even your agency’s philosophy on market access. OIA has invested in a data analytics team to organize the data that we have into meaningful insights that agents can use to act on in their own agencies.  The data that we have is specific to the Ohio marketplace – not a national study, so the insights will be incredibly personal to you.   

We know that your time is precious and there are many decisions that need to be made in order to continue to compete in the changing marketplace.  Consumer needs are different, carrier needs are different, and our agents must change as well by investing in new areas, rethinking technology, marketing, staffing, etc. In order to change with our consumers and continue to provide customers with the advice that they need to get the best coverage will require change, and we are here to help inform your decisions as you make that journey.

Want to LEARN more about our data benchmarking and insights?

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