There’s a dire need for data in the employee benefits industry. And I’m not just saying this from a biased viewpoint as the data insights manager at ThreeFlow.
I gained this perspective by working at a carrier covering different responsibilities, from competitive intelligence to strategic planning. Across these different departments, there was a great need for objective data sourcing that allowed us to measure our broker relationships in quantitative terms and benchmark our performance against our peers. Outside of limited industry surveys and expensive consulting resources, you couldn’t find objective benchmarks.
Collecting, interpreting, and distributing the unique placement event data ThreeFlow accumulates enables confident decision-making where data used to be directional at best. Better go-to-market decisions lead to better coverage selection for employers and, ultimately, better financial protection for employees. This unique dataset with the potential to change an industry is why I joined ThreeFlow.
Meet your data team
If you’ve ever worked with a data or business intelligence team, you know there are different ways to get the insights you need. The data insights team at ThreeFlow is responsible for two essential tasks: accessing the right information and interpreting the information to take action. Data insights deliver on these two needs through two approaches: data as a product and data as a service.
Data as a product is the design and engineering of resources that enable decision-makers to independently ask and answer their business questions using data.
Data as a service is a collaborative process between decision-makers and data professionals to turn the results generated by available data products into action.
Delivering on these two needs requires a multidisciplinary team, including engineering, analytics, project management, product management, and stakeholder engagement. Subject matter expertise and stakeholder engagement are especially critical when enabling data-informed decision-making for our customers. Industry experts on our underwriting consulting, client experience, and partnership teams help our users take action on the results from data products to drive enhanced decision-making and outcomes.
Combining data and expertise
Take, for example, ThreeFlow Insights.
ThreeFlow Insights provides real-time, in-app data that gives carrier leaders new visibility over daily market activities, making it easier to uncover opportunities for their teams and facilitate collaborative conversations with broker partners.
Through ThreeFlow Insights, carrier and broker executives can understand how their business performs to make informed decisions on managing operations. That’s data as a product.
However, raw numbers don’t tell a story on their own. Turning these measures into meaningful action takes time and critical subject matter expertise for interpretation. This is where our customer-facing teams may step in help turn results into action, in other words, data as a service.
Helping partners grow
Real-time placement event benchmarking is the first step to delivering the true power that ThreeFlow’s data can provide. The delivery of insights is a critical part of our product roadmap as we aspire to help our partners grow their businesses through diverse decision-support tools.
If you’re interested in getting access to data that leads to better decision-making, request a demo.
About Chris Hemphill
My passion is in knitting together business context with messy data to build high-impact stories. While based in Boston, my wife and I are taking full advantage of ThreeFlow’s remote first workplace as digital nomads.