Unlocking Insights: Harnessing the Power of Health Insurance Agency Reporting

Insurance agency reports are more than just numbers on a page — they're powerful tools for driving success. By implementing robust reporting practices, your health insurance agency can unlock valuable insights that inform strategic decision-making and fuel growth.

Implementing reporting best practices for health insurance agencies involves tracking key data, like new policies sold, qualifying ratios, and close rates to optimize your sales process and identify areas for improvement. Utilize an agency management system (AMS) to access smart data and generate insurance agency reports that provide strategic insights.

Unlocking Growth Opportunities for Health Insurance Agencies with Comprehensive Reporting

Comprehensive reporting can benefit all health insurance agencies — Medicare/senior insurance, individual health, and group benefits. Using these insights, your team can make data-driven decisions that propel your agency toward its goals and ensure long-term success. 

Convert Big Data Into Smart Data

A key tactic insurance leaders must implement is a surefire way to turn their big data into smart data..

Big Data: All of the data points your agency currently has in your book of business. It’s a jumble of information that doesn’t mean much outside of numbers on a page.

Smart data: Provides actionable information and is derived from pattern-seeking behavior.

Think about the difference this way: Big data is a list of numbers referring to weekly sales. Smart data identifies the peaks and troughs in those numbers to provide insight over time.

By harnessing the power of smart data through an agency management system, like AMS+, an AgencyBloc solution, your team can gain actionable insights to drive your business forward. 

Master Key Performance Indicators (KPIs) for Health Insurance Agencies

Insurance agencies must focus on key performance indicators (KPIs) that provide helpful insights and drive success. Reports for health insurance agencies should include metrics like gross written premium (GWP), won/loss ratio, individual agent/agency production, and policy renewal rate. These KPIs offer a comprehensive view of your agency's financial health and operational efficiency.

Learn more about the top KPIs your agency should monitor in our blog, The Key Performance Indicators Health Agencies Must Be Tracking.

Optimize Agency Productivity

Comprehensive reporting can significantly boost your agency's productivity. By centralizing data management and automating routine tasks, you free up valuable time for your agents to focus on client relationships and sales. According to a study by Simon-Kucher, agencies that optimize their processes can achieve a 22% improvement in conversion rates and a 33% decrease in customer acquisition costs.

Using an AMS to Perform In-Depth Data Analysis

While "big data" has become a buzzword, it's "smart data" that truly matters for insurance agencies. A robust agency management system (AMS) allows your team to access and analyze this smart data, enabling you to make informed decisions that directly impact your agency’s bottom line.
In AMS+, your team can leverage the following analysis tools:

• Customizable dashboards
• Pre-built standard reports
• Custom reports

The Interactive Dashboard in AMS+

A dashboard can include a variety of things like running lists, activity to-dos, and real-time graphs. Each can be used to keep a pulse on your overall book of business.

Activity lists help your team prioritize tasks, while graphs provide high-level insight. 

Do you want to see the breakdown of commissions by agent? There’s a graph for that. Do you want to see the breakdown of your in-force policies by coverage type? There’s also a graph for that. Or do you want to see all of your policies broken down by carrier? You guessed it, there’s a graph for that. 

Using this information, you can quickly assess the health of your business and understand where you need to investigate further for development and care.

Pre-Built, Standard Reports in AMS+

It’s important to have quick access to critical insights for your book of business when using an agency management system. Every AMS+ account comes equipped with pre-built reports that cover the major business KPIs for most health insurance agencies, like:

• Basic policy reports
• Lead status and speed-to-contact
• Cross-sell
• Group enrollment census
• Carrier partners and products
• Contracted agent and agency status
• Activities
• Text message delivery status

How to build a standard report in AMS+

1. Browse available standard reports
2. Select which one fits your needs
3. Add minimal filters and criteria for light customization 
4. Run the report
5. Use the insights to fuel your agency’s growth

Custom Reports in AMS+

Build custom, industry-specific reports in AMS+ that bring together the data you need to analyze. You don’t need to slice and dice or comb through countless pages. Generate useful and insightful custom reports for sales, servicing, renewals, cross-sells, and more.

How to build a custom report in AMS+

1. Determine the basis of the report to know the foundation of what this report is for — i.e. contact data vs. policy data vs. carrier product data
2. Select which columns and filters to include — what data do you want to include on the report and how should it be displayed
3. Add any specialized criteria to zero in on specific data — are you looking for data in a specific state, date range, etc. 
4. Run the report
5. Make adjustments — ensure it contains the data you’re seeking
6. Save and share the report to make analyzing that data easier in the future

The Top Reports Health Insurance Agencies Run

The goals your agency creates will determine the KPIs you monitor and the reports your team will run. However, for most individual health, group benefits, and senior insurance agencies, these are some of the most common reports:

1. Production Report: This report shows all the policies your agency has brought on. Use this report with your policy in-force graph from the AMS+ Dashboard.
2. Pending Policy Report: This report shows all your agency's pending policies. Include open activities to see your agents’ timeline for follow-up.
3. New Leads Report: This report shows all your agency's new leads. You can further refine this report by analyzing your leads' demographics and lead sources to determine future advertising opportunities.
4. New Groups Report: This report shows all the new group leads. Include coverage type on the report to set yourself up for potential cross-sells. 
5. Group Employee Census Report: This report shows the active full-time employees within your groups. Run this census against all employees to understand who didn’t opt in.
6. Agent Pipeline Report: This report shows all the leads and prospects an agent is working. Forecast future revenue and be better prepared for potential slow months by monitoring what’s in each agent’s pipeline.
7. Commissions Received Report: This report shows all the commissions your agency received from all carriers. Break it down further by isolating a specific carrier or coverage type.
8. Commissions Paid Out Report: This report shows all the commissions you paid out to your agents. Hone in on particular agents during annual reviews to help them improve.

Remember, data-driven insights are your compass. By leveraging comprehensive reports, you can steer your agency toward greater success and profitability. Whether you're focusing on individual health plans, group benefits, Medicare solutions, or a mix, the right reporting tools within your agency management system (AMS) will illuminate your path forward.

Posted by Allison Babberl on Tuesday, January 7, 2025 in Reporting & Data Analysis

1. data management