At LexisNexis Risk Solutions we’ve been adapting a number of products that can help the insurance broker market. We have market research underway and a number of high-level conversations within the sector about how to gather existing and new data sources together to better serve insurance brokers.
The amount of data sources available to brokers has certainly been increasing, as well as the ability to extract value from that unstructured data using automated solutions. We also acknowledge that the requirements for brokers are different, with their intense customer focus and their pricing relationships and other relationships with the primary insurer. Advanced analytics, and a deeper knowledge of the insured entity, has a lot of potential to predict future behaviour, whether in terms of delivering a slicker service, without the need for form-filling or when looking at the wider risk and protection needs of the customer, and their life-stages or life changes.
Using new insights that we are working on, brokers will be in a position to better identify opportunities such as improving prospecting or cross-sell opportunities based on propensity to buy or introduce risk controls that will reduce future losses for their clients. Some of the pain points for brokers we’re addressing, and the use cases we’re involved in conversations for development include:
Underwriting and pricing: Leveraging additional external market data to determine market prices with a broker perspective
Cancellations: Going deeper to use policy cancellations data for pricing and creating better relationships, looking at triggers for cancellations
Improving customer relationships: Using advanced analytics to gauge propensity to buy and suggest appropriate products to cross-sell, improving customer lifetime value
Taking a wider view of the customer need: Incorporate new data from devices and the Internet of Things (IoT) to identify potential churn to identify new ways to improve retention and loss control
Customer data to design optimal coverage and product delivery: Using advanced analytics to suggest optimum coverage limits for the customer, and deductibles, improving the ‘risk advice’ element of the product
Faster and frictionless customer service: Form pre-filling and automatic issuance of certificates using virtual assistance.
Listen to this video as James Burton, our Senior Director of Product Management, explains the different drivers for data use by brokers, and how we can help.
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