The Ontario Broker - Volume 22, Issue 5 - 37

" One of the biggest issues that brokers face
today is access to data, " says Gemayel.
Getting data is not easy because it's reserved
for carriers who use data to create the
amazing products we sell. Every time they
sell their policies, they're aggregating data,
extracting more intelligence, and offering the
products to distribute, " Gemayel added.
Gemayel was a featured speaker at the
Insurance Brokers Association of Ontario's
(IBAO) convention in October 2022. He spoke
about how brokers are more like Amazon
than people think, both in terms of how they
distribute products and give their customers
a choice. Read about convention highlights.
But Trufla's powerful datacentric products are
changing the game for brokerages globally.
DATA DRIVEN TOOLS FOR BROKERAGES
Brokerages can now use big data to increase
operational efficiency, improve sales and
retention, and be competitive much like tech
giants Meta and Google. Big Data explained.
Using digital platforms has become more
popular with the ability to predict consumer
behaviour. Trufla's plug and play product
solutions, combining big data with AI,
transforms a brokerage's large data set into
digestible information that can be analyzed
and used to improve operational efficiency
and the customer experience.
Trufla's data intelligence tools include Broker
X-Ray, Rate Predictor, and Data Dashboard.
Let's explore these below.
BROKER X-RAY
The Broker X-Ray tool uses data-powered AI
to scan brokerage's book of business and
identifies the customers who are most likely
to cancel and shows renewal price change
percentages and the markets that will give
their customers a better rate. There is no
better way to save sales, increase retention,
and grow profit margins than by using Trufla's
Broker X-Ray plug-in.
RATE PREDICTOR
Trufla's predictor tool uses anonymized data
to predict website visitors› insurance rates by
initiating quick quotes. The AI-powered plug-in
targets visitors who are ready to buy, delivering
hot leads and increased revenue to brokerages.
DATA DASHBOARD
The data dashboard gives brokers direct
insight into their customers› buying behaviour
by pulling data from multiple sources into
reports that show key metrics. The dashboard
is a vital tool for brokerages to use their
website data (traffic, engagement levels,
performance) to increase leads and revenue.
The multi-faceted dashboard tracks and
analyzes essential metrics to improve the way
brokers view and utilize their data.
THE FUTURE OF BROKERAGES AND DATA
For brokerages to compete with behemoths
like Amazon, they will need to either jump
in and keep pace with collecting, analyzing,
and storing data, or risk falling behind when
it comes to using AI-powered products that
predict consumer behaviour.
The Ontario Broker - Volume 22, Issue 5

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