Winning the Auto Renewal Game: Improve Customer Experience & Profits with Data Sophistication
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Why are auto insurers missing out on approximately $4.9 billion in premiums annually? They face key challenges at the point of renewal. Meanwhile, competitors continue to gain ground. This doesn’t have to be the case with a detailed and thorough strategy. One challenge is understanding the risk associated with the drivers on their active policies, and understanding if that risk has changed over the course of the policy. Auto insurers must understand if the likelihood of a driver having a claim has increased since the last renewal or policy inception. Another challenge is providing a good customer experience, which is critical for renewal. Not implementing a complete strategy at point of renewal – or worse, not having a strategy at all – can cause loss ratios to take hits, ultimately impacting retention.
Join this complimentary webcast to discover a strategy that will provide auto insurers with deeper insights needed to win more business. Topics addressed will include:
The missed opportunities for auto insurers at renewal, and how data can be leveraged to seize those opportunities
The true impact of the data on retention
How to have a winning strategy at point of renewal
Patience Peterson | Sr. Director, Product Management | LexisNexis Risk Solutions
Patience Peterson is a Sr Director for the Driving Risk Violations Product Team at LexisNexis® Risk Solutions. In this role, Patience oversees a team responsible for data standardization and data quality. Her team ensures that LexisNexis delivers competitive product offerings that are competitively priced, guaranteeing Insurance Carriers optimize spend when it comes to assessing their customer’s risk. Patience’s team continues to take their focus back to the Insurance Carrier and thus they are able to craft winning strategies to deliver to the market. Patience joined LexisNexis in 2004 and earned a bachelor’s degree from New York University.