What is CredTech ?
by Rory Traynor
Insurance brokers benefit significantly from having access to accurate and up-to-date data business information. Reliable information can help them increase sales, manage existing customers, and improve efficiency.
Red Flag Alert is the perfect business intelligence tool to help insurance brokers use data to gain a competitive edge.
Here are eight ways Red Flag Alert can help insurance brokers.
Build Lists of Sales Targets
When selling, it helps to target your efforts on businesses that are more likely to need your service. However, it can be challenging for sales teams to know which businesses these are. This can lead to wasted time as people chase leads that aren’t likely to convert.
Red Flag Alert’s data can be a huge help when it comes to searching for prospective customers. Sales teams can use Red Flag Alert to search for businesses that closely match their ideal customer. The search can be made using several factors including sector, geography, financial details, and turnover.
This means the brokers don’t need to waste their time going after clients that are unlikely to be a good fit.
Choosing better targets can have a major impact on sales efficiency.
Easily Manage Sales Data
Red Flag Alert’s API automatically updates customer records in a client’s CRM system. This ensures that data is up-to-date and everyone in the organisation can see the same information for their sales data.
By ensuring data is consistent across the organisation, a business ensures that useful information can be used by everyone, rather than having information siloed in different parts of the business.
The API is easy to implement and works across a range of leading CRM systems.
Improve Account-Based Marketing
Red Flag Alert’s data can considerably improve an insurance broker’s account-based marketing efforts.
There are over 50,000 business updates every day. This allows account managers to take action based on these changes which can lead to new sales or policy upgrades.
Account managers can even set up alerts that let them know about changes as soon as they occur, allowing them to react quickly. For example, if a business has a growing turnover, it’s a good time to discuss the insurance policy and consider upgrade options.
Make Faster and More Accurate Insurance Policy Decisions
Red Flag Alert uses data to assign every business in the UK with a detailed and clear financial rating. Insurance brokers can use this data to see a potential customer’s financial health and make a policy decision faster.
The decision of what credit terms a client is offered is greatly simplified using Red Flag Alert –there are seven ratings for any business, and these can quickly determine credit terms a broker offers.
Monitor Changes to Your Clients’ Situation
As Red Flag Alert’s data is updated in real-time, brokers can proactively monitor changes to their client’s business as they happen. This helps ensure clients are always on a plan that offers sufficient coverage.
For example, if a client’s fixed assets increase and you notice they are now underinsured, you can approach them about increasing their level of cover.
Additionally, clients in financial difficulty may find it problematic to make payments on time. Red Flag Alert acts as an early warning system, so if you see a company you deal with is having financial problems, you can engage with them early on and work on a solution, so they don’t miss payments.
Shows Your Value to Insurers with Accurate Reports
Brokers can use the detailed information provided by Red Flag Alert in their reports to insurance companies.
By showing that their clients are in good financial health, brokers can demonstrate their value to the insurer. Similarly, demonstrating that businesses in their portfolio are growing and healthy is another way to show value. Red Flag Alert allows flexible reporting and gives brokers a range of reporting options.
Improve Your Onboarding Process
In an increasingly competitive market, brokers must provide their customers with an excellent onboarding experience. By doing so, existing clients are more likely to stay with them, and those in the sales process are more likely to commit to buying.
Red Flag Alert helps brokers improve the customer experience by providing quick and reliable credit checks. This removes friction and allows brokers to move clients through the process faster.
Search for Good Acquisition Options
Finally, Red Flag Alert helps insurance brokers that are looking to expand with vital data to help determine insurance brokers that may be good targets for acquisition.
Brokers can use the data we offer to search for brokers based on their size or how they are growing. Just as importantly, brokers can use the data to see the financial health of the company, allowing them to make a well-informed decision on whether to make an acquisition.
Red Flag Alert Offer – Improve Your Brokerage with Data
If you are an insurance brokerage looking to improve the data your company has access to, then we are here to help. We offer a free one-hour consultation with one of our experts to demonstrate how your organisation can take advantage of the data.
- Assessment of how current data is impacting on your brokerage.
- How data can be used to address key pain points.
- Any other data-related questions you may have.
Use Red Flag Alert's Prospector Tool to Find and match your ideal customer profile, not sure? Why not request a free trial today ?
