ebroker BI

Higinio Iglesias, CEO of ebroker, offers us his point of view on the Business Intelligence strategy.

«Marta y Lucía, dos emprendedoras de mi pueblo, trabajaron muy duro  durante los dos últimos años para sacar adelante su peluquería; sólo descansaron los domingos durante todo este tiempo. Afortunadamente para ellas, el negocio ha comenzado a ir bien y en 2015 han decidido tomarse un día más de descanso a la semana. Marta propuso a Lucía descansar los lunes, como el resto de las peluquerías, sin embargo  Lucía sugirió analizar el libro de citas que guardan desde la apertura.
Resultó, sorprendentemente,  que el lunes era el cuarto día de la semana con más trabajo y más rentable, posiblemente, y entre otros motivos, porque el resto de las peluquerías cerraban ese día. La DECISIÓN  final fue descansar los martes. «

Business Intelligence, business intelligence, is not a computer program, it is a practice, for an set of strategies y relevant aspects  focused on administration and knowledge creation through the analysis of the existing data in the company.

An insurance mediation company, a brokerage, handles a huge amount of GENERAL INFORMATION  that it enters daily into its management system with great effort and associated cost, data that, despite this, are irrelevant in themselves. But if the contextualize, categorize, condensed, we purify y we process mathematically we will transform them into MORE INFORMATION. And if that information also we compare, connect, we bring our experience y connections with other sources of information, we will have transformed that MORE INFORMATION en KNOWLEDGE.

Marta and Lucia carried out the challenge of transforming INFORMATION into KNOWLEDGE to support the taking of a BUSINESS DECISION.

There is a certain tendency to consider Business Intelligence (BI) as something complex, expensive and only available to large companies or corporations; but that is a mistake. Making decisions based on INFORMATION and KNOWLEDGE is something within reach of any organization or company, from Marta and Lucía's hairdresser to an IBEX35 company and, of course, an insurance brokerage.

It is true that the deployment of a BI strategy can complicate everything you want and, as a consequence, we could start talking about "strange" terms such as CMI, CMO, OLAP, Datawarehouse ... even reaching the term currently fashionable , BIG DATA.

But we don't have the need to get into any kind of complexity or complication. A BI strategy for a brokerage can be started by developing a small set of INDICATORS related to clients, their policies, premiums, commissions, demographics, profiles, which can be very useful in the preparation of an Operational Scorecard (CMO) that help us to have a high-level vision of some relevant aspects of our business and provide us with knowledge about the best clients (SEGMENTATION), the degree of achievement of objectives, the vision of evolution, etc.

It is true, as I said before, that BI is not a computer program, which is a practice and a set of strategies, but it is also true that technology can be a very important resource to make it operationally efficient.

I recently read the opinion of an expert in marketing and sales techniques that revolved around what business activities would be like in the future, and in that context he said that  «la tecnología se convertirá en una poderosa herramienta en manos del vendedor para segmentar y definir perfiles de clientes, pero no será su reemplazo”he especially emphasized that “aunque parezca paradójico, cuanto mayor sea el uso de la tecnología en el área de ventas, tanto más valiosa será la presencia de un comercial que dé sentido y valor humano a las operaciones «

I trust that these predictions will come true and that Technology is an ally of the insurance broker to support the development of business practices and strategies based on business intelligence (BI), which makes you more competitive and efficient in an increasingly complex and demanding market. In short, to help you be better professional and make better decisions as an entrepreneur.

Click here to see the full publication in Network Mediators