The first time I heard the expression "SINGLE SOURCE OF TRUTH" (SSOT), I made mockery of it. But you know what? I like it, especially when it refers to the data that is contained within the ecosystem of an insurance agency. The source of truth acts as a hub for multiple systems and is comprised of core data points that should drive both the efficiency and value of every insurance broker.
Alas, for most insurance firms, this is not the case. Their core data is locked away in a gulag of massive proportions. Included in this mire is a web of non-integrated databases, spreadsheets, and data that may only exist in the overworked accountant, accountant manager, IT guy or on the desktop of a workstation on its last breath (the IT in me asks, is it backed up?).
Where should data thrive? Quite simply – your agency management system. That behemoth that you pay for monthly is underutilized for most. Moreover, we must as an industry trust in our process, along with our people. SSOT is important because it means data sources are up-to-date and relevant to business decisions. Other benefits include no duplicate data entries or version control issues. Access timely data values at the right moment. When Margorie, Kyle or Mary decide to hang up their bookkeeper's visor, pro-rata wheel, or pocket protector, your process should go on unabated.
Agents in the deep reaches of their own gulag know this to be true. To me, it's like someone who jumps from a plane but then questions how they will open up the chute as they fall. I challenge every agency owner to join in our cause to free our industry from the prison of inefficiency and let your source of truth shine through.
Linchpin's mission states:
We are committed to operational excellence and…
We transparently collaborate with insurance organizations to
provide integrated process solutions, and
We drive the future of insurance through a forward focused,
educated, and inclusive approach, and
In doing so, we positively impact all in the industry.