What is CredTech ?
by Rory Traynor
Insurance is an increasingly challenging market. Tightening regulations mean insurers must understand the financial risk associated with their clients and show that they are working with legitimate entities.
At the same time, competition is tough, and sales teams need to spot opportunities with new and existing customers.
Red Flag Alert’s data can support in both of these areas, allowing insurers to avoid risk, remain compliant, increase their sales and improve account management.
Here are seven reasons why Red Flag Alert is perfect for insurance brokers.
1. Build Highly Targeted Sales Lists
Relying on just one industry or region can leave brokers vulnerable to market shocks or challenging economic periods. It makes good business sense, therefore, for them to cast a wide net and be proactive in finding new customers.
Most brokers will know what characteristics make up their ideal customer – this could cover, for example, the level of risk they are willing to take on, the industry they work in and their location.
This information can be used to filter Red Flag Alert’s database of over five million companies and come up with a list of the exact type of companies that might need their services.
This makes sales and marketing efforts more efficient and more successful, as your teams are targeting companies that need your product.
2. Use Sales Triggers to Increase Productivity
If a business experiences a substantial change in circumstances, this can be the ideal time for sales teams to get in touch and discuss new products.
However, sifting through a database to find these prospects is time-consuming and impractical.
Red Flag Alert has daily updates on dozens of key fields and 100+ financial indicators on every company in the country.
Our alert system means that sales teams can immediately see when opportunities arise, allowing them to sell the most relevant product to the right person at the right time.
3. Improve Account-Based Marketing
Red Flag Alert’s real-time data enables brokers to get business alerts which help them to spot opportunities within their existing client base.
These could include the chance to provide a better service – for example, by updating policies in real time in line with a company’s changing circumstances or by selling them new products and policies.
Also, allowing account teams to contact their clients at critical moments enables them to improve those all-important renewal rates.
4. Speed-Up Onboarding to Give a Great First Impression
Red Flag Alert gives insurers a clear understanding of a prospective customer’s stability and financial health before they even make contact with them. This means that they can ensure that new clients are on the right credit terms from the start.
This not only reduces risk to brokers, but also provides a smooth and rapid onboarding experience for the customer, giving an excellent first impression, and getting the relationship off to a great start.
5. Track Clients’ Financial Health
It can have a devastating impact when a client goes out of business and is unable to pay its debts. It’s important, therefore, that insurers manage this risk by monitoring the companies they do business with.
Red Flag Alert is a vital tool in this process. It provides an easy-to-read financial health rating that shows how likely it is that a business will fail in the next 12 months.
By having access to this information at an early stage, insurers can avoid working with clients that might struggle to pay.
The ability to set up alerts means insurers will be notified as soon as any of their clients begin to experience financial distress, while Red Flag Alert’s in-depth financial information on all the businesses in its system allows brokers to dive deeper into the financial health of key clients to assess risk in more detail.
6. Manage Anti-Money Laundering Requirements
Across Europe, there is a growing focus on tightening up Anti-Money Laundering (AML) regulations to reduce corruption. Insurance is one of the sectors being subjected to increased enforcement of AML procedures, so it is important to remain compliant.
A broker can be held accountable if its clients are found to be involved in irregular activity or if the correct procedures are not in place or adhered to.
Having in-depth data on the companies they work with gives brokers the information they need to see exactly who they are working with.
Red Flag Alert offers a comprehensive AML service for insurers, covering everything from ID verification to secure audit trails.
7. Make CRM More Efficient by Updating in Real Time
Searching databases for relevant prospects is time-consuming, prone to human error, and distracts from vital sales and marketing activities. What’s more, databases become out of date the moment they are purchased, reducing their value and effectiveness.
With up to 1.8 million updates per month, Red Flag Alert’s API gives brokers access to the most up-to-date information possible, enabling them to focus on winning new business.
Our clients’ CRM systems plug directly into our database of 2.6 million phone records and 900,000 business emails and give them access to data on all of the UK’s 6.5 million companies.
Our dedicated team also supports brokers with data strategy, reviewing current CRM systems, bespoke updates, integration and training.
Discover how Red Flag Alert’s experienced team can help you integrate our data to mitigate risk , protect your business.Why not get a free trial today and see how Red Flag Alert can help your business?
