Insurance technology (Insurtech) concept and businessman pressing on text with virtual screen. Insurtechs that are focused on agents can not only deliver information on the business the carrier wins, but also the ones that they lost or the opportunities they weren’t even considered for. (Credit: Shutterstock)

Putting a puzzle together when you’re missing half the pieces won’t reveal the complete picture. The same can be said for carriers who are only using the data from their own systems to decide what areas of commercial insurance they want to pursue and which agencies they should partner with.

Harnessing the power of data has been a game changer for the insurance industry, enabling insurers to better tailor their products to their customers’ needs as well as analyze potential areas to grow business. But while most companies understand the importance of data, some are focusing solely on the information collected through their websites or from agent portals. By partnering with third-party data sources, such as agency-facing insurtechs, insurers can see the whole picture and broader market.

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