While data dominates headlines and is listed as a CFA Institute trend this year, you may be wondering whether data analysis is relevant to you.
While your day-to-day work may not involve artificial intelligence or data science, the financial and insurance industries stand to benefit from data analytics, even down to the agency level.
By understanding how to best apply data analysis to the information you already have, you can drive growth faster and easier than ever. Here are three key ways to do just that:
1. Needle in a Haystack
Looking for new clients can often feel like trying to find a needle in a very large haystack. An experienced advisor is likely able to take a look at specific data points—income, address, age, etc.—and be able to make a quick assessment of a prospect. This assessment determines whether an investment in time and resources to pursue the prospect is warranted, but there are only so many records we're able to go through in a day or week.
Machine learning, the process of training a computer algorithm on data sets, is the automation of this process. By creating an ideal prospect profile and training the algorithm on this data, you can run a program to identify the right individuals in a fraction of the time it takes to do so manually.
2. Getting the Right Message to the Right Person
