DBL Center’s proprietary Broker Dashboard app enables DBL Center’s New York-based brokers to track renewals, cancellations, revenue, and commissions on NYS DBL policies with a click.
With 250 brokers now using the Broker Dashboard, and interest from insurance carriers to partner and expand the capabilities of the cloud-based software, DBL Center President and CEO Michael Cohen took a few minutes in his Melville, NY office to explore the history, present, and future of Broker Dashboard. He also hinted at even more advanced technology for brokers and insurance carriers on the horizon.
Where did the Broker Dashboard concept come from?
The broker dashboard evolved mainly from my father, David, Cohen, who was the founder of DBL Center. He always shared two mantras with me: “Nickels, dimes and quarters make dollars,” and “It’s not what you earn, it’s what you keep.”
After he passed away nearly two years ago, I decided to look at his tracking mechanisms with his old-school number two pencil and general ledger, take that ideology, and convert it into our own proprietary digital management system. That ultimately evolved into our broker dashboard, which we’re making available to all our sub agents across New York State.
How has the Broker Dashboard helped DBL Center?
It’s helped us in two ways. The first way has been the growth aspect of it. If I go into a broker’s office who is using the Broker Dashboard, their immediate question to me is, “Why don’t I see exhibit A or this specific policy?”
The answer is: “Well, that’s because it’s not an account we service. But if you’d like us to service that account, you can roll it over. We’ll become the servicing general agent. And you’ll then see it under your broker dashboard.”
The second way has been in helping our brokers to keep accounts and monitor their retention, which results in preserving profits for everyone, including the carriers where we are acting as not only a servicing general agent but a bill collector. Every two weeks we send out a reminder email to track their retention, so they can realize what they’re keeping. This goes back to one of my father’s mantras: “It’s not what you earn, it’s what you keep.”
In what other ways has the Broker Dashboard helped your brokers?
Tracking all their commissions. We are in a nickels and dimes business, and Paid Family Leave has emphasized that point. The Broker Dashboard helps brokers understand the status of all their policies and determines whether a policy is active or cancelled. I’m staying one step ahead of the insurance carriers by letting our brokers know their clients’ status so they can stay on top of non-pays.
Sometimes, if you lose a DBL policy, you might ultimately lose a workers’ comp policy or a major medical policy. I’m all about helping our brokers retain their book of business through us. We have thousands of brokers and we currently insure 1.7 million lives.
How many sub-producers are currently using the Broker Dashboard?
Two hundred and fifty brokers are currently using the app. It can be three users per agency, and if they want more than that we unlock it and for a nominal fee, they can have up to 50 users. But the average right now has been between three and five users per agency.
What response have you gotten from the insurance carriers about the Broker Dashboard?
Two carriers, specifically, showed interest in wanting to partner with us through doing some technological advancements to the Broker Dashboard. Those talks evolved into a software company my business partner and I started called Net Revenue Tracker (NRT). If anybody wants to learn more about NRT, we will do a future video and blog post about how NRT works to track retention and revenue through cloud-based software.