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Data is more like fish than wine

Chatswood offers specialist management consulting for insurers and adviser businesses. Services include tailored product development, distribution and channel strategy, and new business development project work. Our focus is on working alongside insurers and advisers on areas where we have the greatest potential to add value. If you are a regular reader then you will probably already know that we can help you sell your client base or business through Advicebridge Limited (see details below). But how would you prepare your business for sale? The guest post below, from Richard Pykett at Elan Brokers and E-Broker, highlights the importance of fresh, reliable, data. 

Looking at selling your book of insurance business? Well apart from the quantum of annual renewals and general client demographic, one of the key points has always been ‘how quickly can I get out a goodbye from Mike and hello from Bob’ letter? Also, how easy is it for me to call this client and have a relaxed conversation, not only about their insurances, but their kids, finances, health issues, goals, hobbies, estate planning and so on. The easier these things are to achieve, the more I would pay for your book.

Most advisers don’t have this level of data electronically, due to poor data collection habits.

If you don’t have electronic records all in one place on your clients – so you are not using an insurance focused CRM system, then you are on the back foot already. It’s going to be a mission to transfer your book to a new owner.

If you don’t have any electronic records at all, then you are in real trouble value wise.

At Elan Software Systems (E-Broker) we can actually build a database from scratch via information from the various insurers. The address data can be cleaned against a copy of the NZ Post database which we have a license for, so when the database is handed back it can be campaigned to immediately.

Data is also more like fish than wine – it doesn’t get better being locked away in a cupboard under the stairs like Harry Potter. It needs to be used regularly with campaigns and any returns or email bounces corrected to keep it fresh. Sales opportunities abound from chasing down returns and bounces, as they are a change in circumstance – a new job, a new house and so on…

So how complete and transferable is your data?

You can find Richard at on LinkedIn and YouTube.

Chatswood offers basic, complex and full sale valuation services. Our valuation service follows a set procedure that works to assist clients with all aspects of valuing a business.  Additionally, we work alongside a Chartered Accountancy firm to offer a conjoint valuation service.

Advicebridge operates to offer both buyers and sellers an opportunity to connect and transact. By following set processes, we work to connect a seller with the right buyer from our database of buyers. Our goal is to connect interested buyers and sellers by coordinating the buyer selection process and the interactions between all parties.



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