ATLANTA and St. Petersburg, Fla. – LexisNexis® Risk Solutions today announced its industry leading homeowners insurance data has helped Bankers Insurance Group deliver one-click, pre-underwritten quotes and simplify its home insurance sales process and the shopping experience for customers. Bankers Insurance Group won the Model Insurer 2014: Analytics category at the recent Celent 2014 Innovation and Insight event as a result of leveraging its internal patented analytics and modeling techniques along with property data from LexisNexis.
“Our goals were to improve customer experience and profitability, bringing value back to our homeowners customers,” said Bill Martin, President, Bankers Insurance Group. “Our vision to make the quoting process easy was realized based on the amount of data available today and the evolutionary advancement in technology.”
“Our work with Bankers Insurance Group has helped them gain a more holistic understanding of the property history and assure complete value coverage,” said Ash Hassib, SVP and GM, Auto and Home Insurance, LexisNexis. “Enabling better risk assessment, accounting for location-associated risks and estimating home replacement cost, homeowners can quickly move through the one-click quoting process.”
“A crucial element in making the most from modern and advanced predictive analytics systems is the ability to leverage not only insurers’ internal data sources but also external data,” said Karen Monks, Analyst with Celent’s Insurance Group and author of the ‘Model Insurer 2014: Case Studies of Effective Technology Use in Insurance’ report.
In its recognition of Bankers Insurance Group’s initiative to simplify the homeowners insurance shopping process, Celent highlighted the insurer’s results, including a 300% increase in quotes compared to the same period in 2012, a six fold increase in its volume of new business and its time savings. It previously took 15 minutes, on average, to complete a quote. Using data and analytics, this time was reduced to less than a minute for its agents to provide a quoted premium to customers, allowing Bankers Insurance Group’s agents to easily handle increases in customer inquiries.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.