Capturing insurance renewals is increasingly important as customers’ expectations rise and people demand greater personalization and attention. Auto insurance carriers in the U.S., for example, could capture an additional $2 billion if they could retain only 10 percent of the $19 billion in direct premium switches from one carrier to another each year. Data sophistication is a powerful tool that can help improve the customer experience and profits.
However, many insurance companies struggle to implement a complete retention strategy, which can cause loss ratios to take hits and ultimately impact the customer experience and retention. We recently spoke with Patience Peterson, director of product management at LexisNexis Risk Solutions, to discover a winning strategy that provides auto insurers with deeper insights needed to win at auto-renewal.
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