In an insurance market, credit data and credit-based insurance scores are often used to underwrite personal lines insurance. Insurers are always looking for ways to make the most out of the data they buy. One well known phenomenon affecting personal lines insurance carriers is the expense of this data multiplied by the frequency this data is requested for non-binding purposes.
Leveraging decades of experience creating data products and scores for the insurance industry, Fenris’ leadership team has purpose built indicators and insights derived from new and emerging data sources not currently utilized by the insurance industry. These insights can be used earlier than ever before to streamline and reduce the cost of acquisition of new customers, save time by prioritizing qualified applicants/ submissions, and increase conversion rates.
Reduce Cost of Acquisition
Insurers request credit reports for a variety of reasons, not the least of which is as an element contributing to the rate calculation. Unnecessary spend is incurred when carriers are queried via comparative raters for numerous applications with low purchase intent or for those which are not a match for their products.
Using its proprietary data sets and scores, Fenris can provide a high level of insight and predictiveness that is appropriate for early funnel activities. It is not unusual to attract hundreds of applicants but bind only a handful. Clients have achieved a reduction in the cost of acquisition of up to 25%.
Save Time By Prioritizing Leads
The time spent by insurance companies and agents working to onboard leads is enormous. The latest results indicate that Fenris LeadScreen score accurately predict which leads are up to 4x as likely to convert. Agents use the score to focus their efforts on the high priority leads. Digital first quoting platforms employ business logic that can be optimized with straight through processing.
Insurers need a way to determine if the leads being presented to them, or their agent, is worth pursuing, so the time of the agent, carrier, and consumer is not wasted. LeadScreen incorporates checks as to accuracy of provided contact information, run down of key fraud indicators, propensity to buy, and lifetime value. In addition, it sheds light on the insurance tier and which products may be a match.
Consumers and Agents are beginning to expect more and better user experiences. Filling out the long form to receive a quote for insurance means time finding the information required and validating it is accurate. When the effort needed to complete this aggregation of information is too burdensome for the expected result, there are inaccuracies and drop-off in the process.
Application drop-off was rated at over 75% for the financial services sector in 2018 (Source: SalesCycle Remarketing Report Q3 2018). Financial institutions and insurers must view the application step as a crucial point — their front door to their brand which has an impact on the entire lifecycle and value.
Using Fenris’ suite of products including scores, data, and advanced technology, a carrier experienced a 2.5x increase in online bind rates in a few months, setting the bar higher than ever before for marketing dollar effectiveness and growing top line without increasing ad dollars spent.
Emerging Data and Predictive Scores
The current use of data and insurance scores can be optimized to save both the consumer/ Agent and the carrier time and expense, and generate profitable new business. Please reach out to [email protected] to learn more about how Fenris is making insurance better at the point of quote.