Sales Center - Agency Insights
Modified on: Sun, 29 Sep, 2024 at 3:26 PM
Agency Insights mines your existing quote data and book of business to suggest potential opportunities your agency may overlook. You may choose to create an opportunity from an Agency Insight if you have confirmed potential interest from the consumer, or you may temporarily or permanently remove the suggestion if you do not wish to move forward.
TABLE OF CONTENTS
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How it works
Agency Insights will begin working as soon as it is enabled. If you have eligible insights, they will appear the following day, as reports run nightly. Agency Insights has a rolling 30 day window, so anything that is not taken care of on the Action Deadline will roll off Insights the next day. Insights will be listed within a table with the table defaulting to have the Insights with the more current Insight Expiration Date toward the top.
- Personal Lines Insights appear 45 days before the expiration date and will repeat based on the expiration date.
- For example, if the policy is a 6-month term it could potentially appear in Insights twice in a year.
- Commercial Lines Insights appear 60 days before the expiration date and will repeat based on the expiration date.
How to access
To access Agency Insights, you must be a Sales Center Admin. To check if you have the correct permissions, hover over the Sales Center icon and look for Agency Insights. If you do not see this option, you do not have Sales Center Admin permissions and should work with your Agency Admin.
To access the new Agency Insights:
- Hover over the Sales Center icon.
- Choose Agency Insights. This will take you to the Agency Insights page.
Navigating Agency Insights
Let's take a look at all the features on the Agency Insights page from top to bottom.
Summary Cards
Along the top of the page, you will see the Summary Cards. You can select one or more of the cards to filter to those values. Please note, the number of Insights associated with each Summary Card will stay the same, no matter how the list of Insights is filtered. They are meant to be a summary of the entire list so they are static and will not change when using filters.
The first three cards relate to the Status of the Insight. More on statuses later in this article.
- New - Total Number of New Insights. These Insights were created that day.
- Expiring Today - Total Number of Insights with current day as the action deadline. These Insights will expire today and be removed if no action is taken.
- Expiring Soon - Total number of Insights that are within 7 days of the action deadline. These Insights will expire and be removed within the next 7 days if no action is taken.
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The next four cards relate to the Suggested Action. More on Suggested Actions later in this article.
- Cross Sell - Total number of cross sell Insights are listed. These Insights are based on active policies of the applicant and will appear prior to the active policy renewal date.
- Capture Unbound - Total number of Insights for policies that are unbound are listed. These Insights are applicants that have unbound policies.
- Recapture Lost Policy - Total number of policies that were lost are listed. These Insights are previously lost policies.
- Suggest Umbrella - Total number of cases that qualify for suggesting Umbrella are listed. These Insights are based on qualified active policies without an Umbrella. There are no coverage limits from the existing policies taken into consideration.
If for any reason, you do not wish to see these summary cards, you can select the Hide Summary button.
Similarly, if you are not seeing the summary cards but would like to, you can select the Show Summary button.
Search & Filters
To search for a specific Insight by Prospect name, type the name within the Search box. It will populate any values that match the search criteria. Selecting one of the results will then show only that Insight on the list.
With filters, you can refine your view of the Insights that are available. Selecting Filters will open the filters pane or hide the filter pane if it's already open. Chose a filter and then select apply to apply the filter to the table of Insights. If you close the Filter pane, you will see how many filters are applied via a badge indicator. The following are the available filters for Agency Insights:
- Producer
- Suggested Action
- Suggested LOB
- Date Insight Created
- Insight Expiration
- Status
Table Columns
Next, let's look at the table of Insights and the columns available.
| Screenshot Number | Column Name | Description |
|---|---|---|
| 1 | Prospect | This column will show the name of the customer that the Insight has been generated for. Clicking the name will take you to the Overview page in a new tab. |
| 2 | Assigned Producer | This columns will show the Assigned Producer on the customer's account as it is today. |
| 3 | Suggested Action | This column will show the Action that is recommended for this Insight. The potential actions are Cross Sell, Capture Unbound, Recapture Lost Policy, or Suggest Umbrella. More about these later in this article. |
| 4 | Suggested LOB | This column will show the Line of Business that is suggested for the corresponding Suggested Action. |
| 5 | Date Insight Created | This column shows you what day the system generated each Insight. |
| 6 | Insight Expiration | This column will show the date that if no action is taken on an Insight will be the last day the Insight will be visible. |
| 7 | Status | This column indicates where in the 30-day lifespan the Insight is. Statuses include: New, Open, Expiring Soon, & Expiring Today. More about these below this table. |
| 8 | Actions | The Actions that are available to perform on individual Insights include: Create opportunity, Temporarily remove, or Permanently remove. More about this later in this article. |
Status Definitions
The following is a more detailed description of each Status and how it works.
- New - Within the 30-day lifespan of an Insight, this will be the status on day 30
- Open - Within the 30-day lifespan of an Insight, this will be the status on days 29 to 8
- Expiring Soon - Within the 30-day lifespan of an Insight, this will be the status on days 7 to 2
- Expiring Today - Within the 30-day lifespan of an Insight, this will be the status on day 1
Let's a look at an example of how an Statuses might work with an Insight.
An Insight is created to Cross Sell Auto to an customer with a Homeowners policy and the Homeowners policy has an X-Date of July 16th. If no action is taken to create an Opportunity or remove the Insight the following will occur:
- On June 1st you will see the suggested action of Cross Sell and it will have a status of New.
- From June 2nd to June 23rd, it will appear with the status of Open.
- From June 24th to June 29th, it will appear with the status Expiring Soon.
- On June 30th it will appear with the status of Expiring Today.
Suggested Actions Definitions
The following is a more detailed description of each Suggested Action and how they work.
- Capture Unbound - If a Home or Auto quote was never sold, it will provide a Capture Unbound suggestion.
- Cross Sell - If there is one active policy without the other, it will suggest the other policy. This works for the following situations:
- Auto but no Home
- Home but no Auto
- Commercial Package but no Commercial Auto
- General Liability but no Commercial Property
- Recapture Lost Policy - For any policy that has been cancelled, it will appear 1 year later as a Recapture Lost Policy suggestion.
- Suggest Umbrella - If there is an Auto & Home policy without an Umbrella or any active Commercial policy without a Commercial Umbrella, it will provide a Suggest Umbrella suggested action. There are no coverage limits from either policy taken into consideration. This takes into account the next x-date.
Working Insights
Now, that you know how to navigate the Agency Insights page, let's take a look at working Insights.
Create an Opportunity
To create an opportunity for the insight, check the box next to the insights you want to email and then select the Create Opportunities button. This will open the Create Opportunity window.
Use the dropdowns to fill out the Opportunity Source and the Assigned Producer. Then, select the Create Opportunity button. This will create the opportunity in Sales Center where it can be worked based on your agency's operation policies.
To learn more about Opportunities, check out our Sales Center - How to Work the Sales Pipeline article!
Remove an Insight
If you don't want to work an insight, you can remove a suggestion using the Actions option next to each insight. You can either temporarily or permanently remove a suggestion.
- Temporarily - The insight will be removed, but if applicable, will populate at the next renewal (1 year).
- Permanently - The insight will be removed and will not be suggested again in the future.
Choose the option that best suits the situation, and the insight will be removed from the list. Remember, if no action is taken, the insight will remove itself from the list after 30 days of inaction.
Agency Close Ratio
If you are curious how Sales Center Insights are going, you can check out the Sales Center Insights reports. A common metric to look at is the Agency Close Ratio. Agency Close Ratio is calculated by (Sold Opportunities/Total Opportunities) x 100.
We hope this training article was helpful in learning how to navigate the Sales Center Agency Insights page and how to work Insights. Please let us know if this article was helpful by answering the question below. Check out our related training articles on the right-side to learn more about EZLynx!
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