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Book of Business in the Enterprise

The function is “Book of Business”, which refers to the assignment of customers to specific sales or servicing staff over the life of a long-term business relationship. In some respects it is similar to Customer Relationship Management – CRM. But while there is some overlap, there are also significant gaps between the functions as well. This becomes clearer as we proceed.

AI For Insurance Distribution Management

The insurance industry is embracing the idea that data analytics can be the key to unlocking higher revenue, greater share of wallet, reduced fraud, improved compliance and enhanced customer and producer experiences. It seems a no-brainer that every carrier would want to get in on the action. Unfortunately, it’s not intuitively obvious how to go about doing it. Which data to analyze? What questions should you be asking it? How hard will it be to get the data to give up those answers?
Where Traditional CRMs Fall Short

When we talk about “book of business”, we are describing the end-to-end process of managing and maintaining the complex and dynamic links between your producer hierarchies - your agents, agencies, broker-dealers, and the rest - and the policies and accounts they service. An off-the-shelf CRM system sounds like it should be a great candidate if you are thinking about modernizing your distribution management systems. Unfortunately, this has often not proved to be the case for many carriers.
What Will BobTrak Bring You?

A Book of Business Management system – or, more formally, an Insurance Distribution Channel Management system – must provide a few core functions. First, it must track, with historical accuracy, which agents, agencies, or brokers are selling and servicing which policies. This is the foundation. It’s not enough to know who is servicing the policy today.