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
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com.