Resource Center

Customers now have more opportunity than ever to easily shop for insurance, and they are doing so. According to a recent study, 75 percent of any insurance company’s customers have shopped around at least once over the past five years – and 40 percent in the past year. Since customer acquisition is very expensive it’s important for insurers to understand why customers are shopping and what exactly they are looking for so they  can leverage that knowledge into higher retention and new business.

Download this case study now to get insights on how one insurer boosted their  retention rate through analytics and smarter tactics. The insights they gained helped:

• Increase overall retention rate by more than 3%
• Improve Net Promoter Score
• Increase policy sales - with almost half of multi-policyholders purchasing an additional policy

Don’t let a lack of knowledge about  your customers keep your business from remaining competitive and reaching new heights - discover how you can gain key customer insights now!

Auto insurance carriers are increasingly using automation to increase efficiencies, reduce costs and improve their competitive edge through better customer service.

In one of the most in-depth reviews of the industry to date, LexisNexis Risk Solutions interviewed over 20 insurance claims executives from top 50 carriers and surveyed over 1,750 consumers to determine whether carrier motivations are aligned with customer needs in regards to automation and the claims process.

Here are some key insights from the 2019 Future of Claims study:

• Carriers are embracing Virtual Claims Handling (95% are using or considering it).
• Touchless Claims Handling is growing in popularity (79% of carriers are considering it or open to the idea).
• Consumers appreciate the convenience of automated claims processing, but are less satisfied when they have to interact with more than one person to process their claim.
• One in five consumers prefer self-service claim options, but don’t want to have to answer a lot of questions at First Notice of Loss.
• Carriers who are using claims automation are benefitting from significant efficiencies, along with higher customer satisfaction.

Access even more insights by downloading the full Future of Claims study now.

Policyholders continue to look for enhanced, personalized, and seamless digital experiences from their auto insurance companies. This expectation means you must look for new opportunities to build digital capabilities in order to provide next-level service. Additionally, clinging to outdated tech often leads to higher-than-necessary administrative costs and lower efficiency.

Download this white paper now for insights into a way to modernize your approach to auto claim payments. This can help you reduce the number of steps in the process and customer frustrations. You will also discover how modernization will help you:

• Achieve faster reconciliation
• Unlock the opportunities inherent in virtual cards
• Make a total payment solution work for your organization’s unique needs

Ensure your claims process is as efficient as possible so you can retain customers and grow your bottom line!

Maintaining profitability in today’s competitive commercial insurance marketplace is essential. However, with so many areas where it’s necessary to make progress, it can be difficult to figure out where to start:

• Should you capitalize on new direct and digital capabilities?
• What about the resources needed to manage legacy technology migrations?
• Or the ever-present call to deliver a more compelling customer experience?

To help you understand how to deal with these pressures, LexisNexis® Risk Solutions commissioned a survey of more than 400 commercial insurance professionals in the U.S., asking for their perspectives on five key factors, including the potential impact of future trends.

Download this report now to discover five insights gleaned from the survey responses and how you can leverage this information to decide what your organization’s steps must be. The insights focus on:

• The current automation lag
• Inconsistent use of valued data assets
• The use of predictive modeling Improving the customer experience
• How to act on market trends

Identify the gaps that create the best opportunities for your organization and use this information to capitalize on them and gain a competitive advantage!

It’s a dirty secret of workers’ compensation: most employers and third-party administrators do not know how much it costs to process and pay a claim. The share of payroll workers’ compensation makes up may be declining, but the administrative costs associated with claims continue to climb - and dramatically. By modernizing your approach to workers’ comp claims payments, you can stave off this trend and benefit your bottom line.

Download this white paper now to get insights on how electronic payments are the future of the industry. This approach can streamline the process and is how your customers want to do business. Other benefits of epayments include:

• Faster transactions
• Lower risk of collections
• Easier processing
• Lower administrative costs

Learn why electronic payment is the right approach for your workers’ comp claims and how making a change can increase your profits!

Because TCOR (total cost of risk) scores are headed downward, the market for insurance brokers is extremely competitive. Your ticket out of the pricing wars could be helping clients improve workplace safety because it provides added value, especially in the long term. Using this tactic, you can also help reduce admin costs, which will keep clients happy.

Download this white paper now to boost your sales despite the plunge in premium prices and the continued increase in competition. You will learn how to stay competitive and make yourself irreplaceable to clients by:

• Getting an in-depth understanding of the market and learning how to leverage that knowledge
• Helping clients understand the qualitative aspects of safety
• Being able to offer better tools that can help improve safety and make you stand out

Don’t let clients slip away because they don’t know the real value you provide. Take steps now to strengthen your relationships and keep them satisfied.

Even as the insurance industry continues to grow, many feel that saturation has led to agencies and brokers playing a zero-sum game. Taking on new customers can be both difficult and costly – often more expensive that retaining an existing customer. Additionally, the oversaturated market means customer loyalty is low, so you must have ways to differentiate yourself and show value.

Download this white paper to get a better understanding of what differentiators you can take advantage of, including:

• Unique selling propositions
• Value-add products that competitors don’t sell
• Proven, turnkey products and services

In this age of saturation, you can still grow your client base through effective differentiation. Act now to gain a head start on your competition!